Tenancies Lengthen As UK Moves Away From Home Ownership

09 September 2012 Categories: News

Tenancies Lengthen As UK Moves Away From Home Ownership

The on-going economic difficulties facing the UK are still making it virtually impossible for most residents to secure a homeowner mortgage, but it seems that private landlords are offering such attractive tenancies that people aren’t in any rush to move from renting to ownership anyway.

According to the latest Landlord Panel results from the National Landlords Association, over one third of tenancies now last for more than four years, and an additional 54% last between two and three years; results that show most tenants are happy with the landlords they are currently with.

The results also showed that the average void period experienced between tenancies has decreased to 69 days, which supports the idea that tenant demand is still as high as it ever has been despite reports that it is slowly declining.

Chairman of the NLA, Davis Salusbury, commented on the results of the panel saying, “Longer tenancies and a lower turnover rate are both signs of much-needed stability for both landlords and tenants in tough economic conditions. Private landlords are a key part of the investment mix required to meet the rising need for more flexible forms of housing at a time when demand for rented accommodation far outstrips supply.

“We recognise that the private-rented sector is evolving and it now accounts for 17% of the UK’s housing stock. That’s why this year’s NLA National Conference seeks to educate landlords about their responsibilities, while focusing on the challenge of housing the changing needs of the population.”