Longer-term lets aren’t very popular
Contrary to a number of trends identified by lettings organisations and surveys of tenants, an insurance firm is claiming that longer term lets are now less popular than they have been in the recent past.
In the latest of a series of six-monthly surveys on longer term lets conducted by Cover4LetProperty, the findings suggest that:
– 48 per cent of renters have lived in two or three rented properties in the last five years (up from 35 per cent just six months ago);
– 47 per cent of renters have stayed for five or more years in the same property (down from 59 per cent six months ago);
– just five per cent have lived in four or more properties in the last five years;
– 26 per cent plan to buy their own home within the next six months (up 11 per cent in the last six months) while 35 per cent hope to buy in a few years’ time;
When asked what made them leave a rented property, some 23 per cent cited rent rises while 12 per cent blamed problems with their landlords.