Market Research Uncovers New Trend of Rooted Renters

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27th July 2012 15:58 - Housing

According to a study by the Association of Residential Letting Agents (ARLA), the average length of tenancy in the UK has risen to a record high.

Renters are now generally staying in a property for 20 months. This increase has been attributed to strong competition for new properties - there are now more tenants than properties on the market in the UK.

In addition, the type of tenant seen by letting agents is also evolving. Unlike the traditional norm, 55% of new renters are couples or young families who are not able to afford their first home.

These ‘frustrated first time buyers’ are now the most common type of renter, ahead of people who rent after selling an existing property or those who have had their homes repossessed.

ARLA Managing Director, commented: “The PRS (private rental sector) is clearly picking the slack resulting from a flat housing market and the ongoing lack of mortgage finance. As tenants stay in properties for longer, the importance of regulation in the sector becomes even more pressing.”

He added however: “Renting offers significant flexibility, which can be vital for working professionals who need to move in order to find employment. However, with an increasing number of families with younger children also looking to rent, having a secure and stable home environment has never been more important.”

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