Latest research from Ocean Finance has revealed that a worrying 27% of tenants said they felt rushed into signing their tenancy agreement.
With competition rife in the market as demand continues to overdo supply, many tenants said that pressure was the main reason they signed their agreement. Landlords are increasingly looking for tenants to protect on their insurance!
A large number of tenants said they signed on the day they viewed a property.
By age, 18-24 year olds are the most likely to act hastily when signing an agreement. 46% said that they felt pressured into signing an agreement too quickly. On the other hand, only 17% of over 55’s said they felt under pressure to put pen to paper.
It comes as little surprise to learn that tenants in London felt most pressure. 4 out of 10 tenants in the capital said they felt no option but to quickly sign an agreement on a house or flat. However, renters in Northern Ireland were also reported to feel the same pressures, with the same number of tenants questioned replying that this was the case.
Contrastingly, just 12% of tenants in Wales said they had rushed into a tenancy agreement.
Of those tenants that said they forced into signing a contract, half said they wished that they hadn’t.
The main reasons for tenants’ regret were found to be:
|Reason for regret||% of rushed tenants who gave reason|
|Property is too cold||10%|
|Property is too small||9%|
|Property needs too much work doing to it||9%|
|Dislike of surrounding area||8%|
|Not enough outdoor area||6%|
|Property lacks character||4%|
|Property is too old-fashioned||4%|
|Property is too far away from amenities||2%|
Ian Williams of Ocean Finance said, ‘our figures demonstrate just how hard it is to rent a property across much of the UK. The best properties are often snapped up within hours or even minutes. As a result, would-be tenants feel under pressure to sign quickly to secure the property. Sadly, half of those go on to regret their haste, finding themselves in a home that they don’t like or which doesn’t suit them.’
As a buy-to-let landlord, you will obviously want tenants in your property as soon as possible. However, on top of your legal and administrative duties, it is your responsibility to ensure your tenant feels comfortable and relaxed. This will not only make your tenant settle in but will make you seem trustworthy and help you to keep good tenants for longer.