Interesting new research has revealed the average length of private sector rental tenancies across Britain now stand at nearly two years.
The investigation from Your Move shows that tenants are staying for longest in London and for the shortest time in the South West of England.
In the capital, the average tenancy length is currently 20 months, up 18% from 2014. Meanwhile, the commuter belt has seen the longest tenancy length in the whole of the UK at 44 months, while renters located in the South West of England stay put for an average of just 15 months.
Tenants in Scotland and Northern Ireland were found to rent for 17 and 18 months on average respectively.
Outside of London in regions of the South East and the commuter belt, rental contracts are longer than in the capital. The Kent town of Sevenoaks was found to have the longest tenancy lengths in Britain, with the average property let here standing at 44 months.
This region has long proven to be a hot spot for commuters travelling to London looking for more affordable housing options. As a result, rents have climbed for the last 3 years, increasing from £780 per month in June 2014, to £885 in June this year.
On the other hand, the shortest tenancies in the UK were found to be in the South West at just 15 months. Here, the average rent has fallen to £664 per month in June 2017, from £684 nine months earlier. In Taunton and Filton, average rental agreements were found to last as little as six months.
In Wales, the average rent as of June 2017 stood at £599, with the average renters staying put in the same property for roughly 2 years. Scotland saw the average tenancy length stand at 18 months.
A recent tenancy survey from LSL revealed that over a third of its tenants would prefer an agreement of a minimum of 3 years.
Richard Waind, director at Your Move, observed: ‘‘As the nature of the rental market continues to change, it is positive to see both tenants and landlords benefiting from longer tenancy agreements. Not long ago we 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, we’re now seeing a shift towards longer term rentals and the security that they can provide both landlords and tenants. 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,’ he added.