AUGUST 23, 2017 | BY A & S Property
Average tenancy is now 20 months
Tenants are now adopting a longer-term view to renting property, reflected in the average assured shorthold tenancy length which is now 20 months, with tenants staying longest in Wales, and the shortest in the South West of England, according to fresh research by Your Move.
The data from the estate agency network shows that average tenancy length in the UK is now up 18% from 2014, with a renter in Wales typically remaining in the same property for two years, thanks in part to the fact that the average rent in June was £599, which is below the average for the UK.
The shortest tenancies in the UK were found in the South West, where tenants typically remain in the same property for 15 months, which may partly explain why the average rent fell to £664 a month in June 2017 from £684 nine months previously.
When examining tenancy lengths in local towns within the South West, Your Move found tenancies were even shorter in both Filton and Taunton, where average rental agreements are as little as six months.
London, home to nearly a fifth of the UK’s rental properties, has average tenancy lengths of 20 months, which is on a par with the UK average, despite the fact that the capital remains by far the most expensive part of the country to rent in, with average payments hitting £1,277 a month in June 2017, Your Move data reveals.
Outside of London, across the South East and commuter belt, rental contracts are decidedly longer, with the Kent town of Sevenoaks recording the longest tenancy lengths in the UK, with the average property being let for 44 months.
“As the nature of the rental market continues to change, it is positive to see both tenants and landlords benefiting from longer tenancy agreements,” said Richard Waind, director at Your Move.
Until recently, Your Move saw a rise in short-term lets with many landlords viewing them as the most lucrative option and tenants preferring the flexibility they provided. However, the company is now witnessing a shift towards longer term rentals and the security that they can provide both landlords and tenants.
He continue: “Our research has shown that tenants want to feel settled and if landlords can provide a suitable living space and service, tenancy lengths may increase across the UK.
“Through this type of extended agreement, we hope to see more cooperation between landlords and renters who both benefit from the affordability and stability long-term renting can provide.”
UK regions in order of tenancy length
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