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Long Term V Short Term Tenancies

Posted on 07/11/2017

What do tenants want from landlords when it comes to time scale and tenancies? Long term security or short term freedom? Well, the stats are showing security is winning.

Rents have become rocky since all the changes have been made regarding landlord fees, stamp duty and tax relief, and with rent increases dropping off, locking in 2 year tenancies could help you mitigate future decreases.

The UK average tenancy length is up 18%! Could this be the work of Brexit, of the shocks our government and opposing voters keep throwing our way? Or is it actually your agent finally working in your best interests rather than their own by securing your tenancy for you (Something P & P would do). Are we looking to keep still so any repercussions don’t follow us, and do we now believe it’s better the devil you know than the devil you don’t - or Landlord even?

Whatever the reason, long term tenants means long term security, not only for them but for landlords as well. By avoiding short term tenants, you avoid the time between them where you’re having to pay the rent.

Rents have become rocky since all the changes have been made regarding landlord fees, stamp duty and tax relief, and with rent increases dropping off, locking in two year tenancies could help you mitigate future decreases.

In the Southeast and along the commuter belt, we are seeing much longer rental agreements with the property average being let for forty four months. That’s over three years of secure and regular income.

Richard Waind from Your Move says -

“As the nature of the rental market continues to change, it is positive to see both tenants and landlords benefiting from longer tenancy agreements.

“Our research has shown that tenants want to feel settled and if landlords can provide a suitable living space and service, tenancy lengths may increase across the UK.

Through this type of extended agreement, we hope to see more cooperation between landlords and renters who both benefit from the affordability and stability long-term renting can provide.”

Flexible, short term tenancies are certainly not as desirable as long term in this current market.

Here at Palmer & Partners we want to ensure the relationships between landlords and tenants are on great terms to continue having a strong and secure tenancy throughout the life of their agreement.

If you’d like any information or advice about this issue, please do contact your local Palmer & Partners estate agents and we’ll be happy to help.

 
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