Buy-to-let landlords will be pleased to read the results of a recent survey of more than 1,800 Private Rented Sector landlords and tenants.
The investigation, collated by BDRC Continental on behalf of Paragon Mortgages, revealed that there is a high level of satisfaction amongst British tenants.
Of those surveyed, 79% of tenants said that they are satisfied with their current landlord. In addition, 85% of tenants feel their present rental property is their home and 69% said that they felt the level of rent that they currently pay represents either ‘good’ or ‘very good’ value for money.
Interestingly, the average length of time tenants are spending in the present rental property now stands at seven years. In all, tenants typically spend around thirteen years in the sector.
The survey also suggests that the majority of landlords believe that the Private Rented Sector is playing an ever more important role in overall British housing. 89% said that the PRS is vital in accommodating those priced out of home ownership.
74% said that the sector is important in accommodating those forced out of the social housing sector due to shortening supply.
In recent years, more and more people have entered the sector and looked for landlord insurance.
This demand has been matched and driven by those of tenants. Of the buy-to-let landlords questioned, 39% reported tenant demand was increasing slightly or significantly. 36% said demand was stable.
John Heron, director of mortgages at Paragon, said, ‘the rise of the PRS and the decline of the social housing sector have been the predominant trends in the UK’s changing housing tenure over the last 20 years. This data gives an interesting insight into how both tenants and landlords perceive these trends.’
‘It’s good to see tenant satisfaction at such high levels. The sector often suffers from negative PR and the good work done by the vast majority of landlords to provide homes for those who cannot or do not want to buy goes unremarked. This survey clearly demonstrates that the PRS is increasingly providing longer term solutions in housing and that responsible and professional landlords are supporting the provision of housing to those that rely on the PRS for their home,’ Heron added.