Over the last year we have seen a shift towards a longer term view on lettings with the average tenancy now at 22 months and increase of 9% on last year. This seems to be borne out by a recent survey by Your Move in an article written by Marc da Silva as follows:
Tenants are now adopting a longer-term view to renting property, reflected in the average assured shorthold tenancy length which is now 20 months, with tenants staying longest in Wales, and the shortest in the South West of England, according to fresh research by Your Move.
The data from the estate agency network shows that average tenancy length in the UK is now up 18% from 2014, with a renter in Wales typically remaining in the same property for two years, thanks in part to fact that the average rent in June was £599, which is below the average for the UK.
London, home to nearly a fifth of the UK’s rental properties, has average tenancy lengths of 20 months, which is on a par with the UK average, despite the fact that the capital remains by far the most expensive part of the country to rent in, with average payments hitting £1,277 a month in June 2017, Your Move data reveals.
Outside of London, across the South East and commuter belt, rental contracts are decidedly longer, with the Kent town of Sevenoaks recording the longest tenancy lengths in the UK, with the average property being let for 44 months.
“As the nature of the rental market continues to change, it is positive to see both tenants and landlords benefiting from longer tenancy agreements,” said Richard Waind, director at Your Move.
Maxine’s comment – At present the average length of our tenancies is 22 months which is up 9% from 2016. In general we are seeing a shift towards longer tenancies.