Tenants 'staying in rental property for longer'
7th Feb 2012
Tenants in the UK are looking to stay in rental property for increasingly longer periods of time, it has been claimed.
Malcolm Harrison, spokesman for the Tenancy Deposit Scheme, said that there has been a substantial increase in tenancy periods in recent years and this may be set to continue for the foreseeable future.
He explained: "If you go back five years then all of the surveys used to show that the average length of tenancy was around about 14 or 15 months. Fairly quickly after that they were increasing up to two years and I would not be at all surprised if they have increased quite a lot since then."
Mr Harrison added that many people are unsure about what is happening with the economy, as we are in a recessionary climate, so some are nervous about making any major moves.
It comes after Halifax recently reported that the cost of renting is expected to continue to rise in 2012.
According to the figures, some 61 per cent of Britons are predicting that the cost of renting in the private sector will increase over the next 12 months, compared to just three per cent who think that rents will fall.
© Zoopla Property Group Plc