Brits at home with rentingFigures from the latest Rent Check report, produced by BDRC Continental and Allsop LLP, show that Britons are increasingly at home with renting rather than buying their home.
Most tenants in the study – 91% - said that their rented property was their ‘home’ rather than a temporary roof over their heads.
The survey shows that many landlords also see the private rental market as a long term option – although better communication between landlord and tenant would not go amiss. Almost one half of tenants (45%) in the survey worry that they may lose their rented home should the landlord terminate the tenancy.
Although the average tenant’s stay in a rented property is now two and a half years, three quarters (75%) of tenants have been renting privately for over four years – and 41% of those have been in the same property for the entire time. And at an average of three years for the retired and 2.8 years for families, these are the tenants who stay in rented properties the longest.
Almost all the landlords surveyed in September are committed to the letting market for the long term, seeing it as a good source of income compared to investments or savings. In fact, of the 1,019 private landlords surveyed 68% rated their expectations of their letting business over the next three months to be either good or very good.
This is nearly back to the pre-recession level recorded in Q3 2007 of 71%. Almost one quarter (23%) are actively looking to expand their letting portfolio, and only 7% plan to sell their rental property in the next 12 months.
Paul Winstanley, partner at Allsop LLP, said: “Increasing property prices combined with strong and, in many regions, rising rents are solidifying landlords’ commitment to the private rented sector, encouraging them to expand rather than contract their rental portfolios.
“For tenants this means a commitment to hold their properties for the long term, which, despite tenants’ fears on the contrary, is likely to signify greater security and longer tenancies.”
Rob Wellstead, Managing Director of Lenwell added: “This report clearly shows that renting is tenure of choice for many and that the private rental sector is strong and established as an important part of the UK housing mix.”