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Landlords Sell Rental Homes Once Every 17 Years
This article is an external press release originally published on the Landlord News website, which has now been migrated to the Just Landlords blog.
Landlords Sell Rental Homes Once Every 17 Years
Landlords sell their rental properties only once every 17 years, compared with every 14 years for owner-occupiers, according to new research.
Countrywide has found that landlords are keeping their rental homes for longer than before the recession.
Landlords now keep their properties for five more years than they did in 2007.
However, the average length has dropped from 20 years in 2011.
In the same year, homeowners sold their properties every 16 years.
Despite these averages, almost half of owner-occupier homes in the UK have not sold for 20 years and around a third of landlord-owned properties have not sold in that timeframe.
The Countrywide study also analyses rents, comparing prices for new lets, occupied units and renewals.
Surprisingly, rents on renewals are lower than prices for new lets and occupied units.
In Greater London, newly agreed rent averaged £1,287 per month, but a renewed rent averaged £1,150, slightly less than the typical rent on an occupied unit, at £1,176.
Countrywide also discovered that there were significant annual rises in new rent prices in every part of England and Wales.
