New research suggests that the majority of rental tenants are planning to stay at their property for the long-term, valuing their relationship with their landlords.
The latest HomeLet Rental index shows that 64% of tenants plan to continue renting for more than one year, and that 90% are happy with their current landlord. This news comes as UK rent prices continue to rise, encouraging people to stay at their existing property in order to maintain their current rental price.
Evidence indicates that the biggest barrier that stops people buying their own house is saving for their deposit. 71% would prefer to buy a home with 66% believing that saving for a deposit is the biggest barrier preventing them from doing so.
Martin Totty, chief executive of HomeLet parent company Barbon Insurance Group, said: “Our survey showed that many tenants ultimately aspire to own their own home, but that just over half of them aren’t actively saving for a deposit yet. 66% of those questioned said that a deposit wasn’t affordable for them.”
Professional landlord-tenant relationship
Totty continued: “The positive news is that almost nine out of 10 tenants told us that they were happy with the standard of their current rented property and the majority of tenants told us they were happy with the service provided by their landlord or letting agent.
“Whilst we are seeing upward pressure on the rental market it’s important that the sector continues to drive professional standards forwards for mutual benefit of tenants, landlords and letting agents.”
The Buy2Let Shop
The Buy2Let Shop are the UKs leading estate agent for investment grade property and along with our sister company “The Buy2Live Shop” we offer professional and friendly services to vendors looking to sell their home to investors looking to build their portfolio.
Through our national advertising campaigns and huge network of contacts, we connect buyers with sellers and unlike most high street estate agents, we not only have a large number of listed buyers looking for find their dream home, we also have a database of retained investors, with proof of funds and finance in place.