We recently conducted a survey of Maxine Lester Residential Lettings tenants to get their perspective on the property market, and the findings make interesting reading.
37% of tenants say they are not currently in a position to save a deposit to purchase a property, and a fifth of all respondents feel that they can never see themselves buying a property. However 42% said that they were not concerned about getting on the property ladder and intended to rent for the next 3 to 5 years.
Almost a third of those surveyed spend more than half their income on rent, and 40% are currently having to use their deposit savings to pay for holidays and/or cars.
80% of tenants said they would prefer tenancies in excess of 12 months, and we have found that our average length of tenancy has recently increased from 18 to 19 months.
As Maxine Lester says "We believe these figures are not surprising particularly in the Cambridgshire area where the average house price is 26 times greater than the average salary". With the introduction of more professional landlords we have seen the condition of properties improve and it is these properties which rent faster.