The average length of a tenancy has increased to almost two years - but there are large regional differences, it has been revealed.
Research by letting agents Your Move found that the average time a tenant spends at a property is 20 months, up from 18 months in 2014.
London is on par with the national average, with the typical rent in the capital also being 20 months.
Tenancies tend to be longer outside of London, across the South East and commuter belt, with the Kent town of Sevenoaks boasting the longest tenancy in the country with the average property being let for 44 months.
The shortest tenancies are found in the South West at just 15 months on average.
In Wales, the typical renter stays in the same property for two years - although tenants in the small market town of Abergele buck the trend staying for 30 months on average.
In Northern Ireland, average tenancies are 17 months, according to the Your Move research.
It follows the publication earlier this year of the government’s Housing White Paper, which highlighted the issue of longer-term tenancies.
Existing legislation already enables three year - or longer - assured shorthold tenancies to be granted by landlords - and the government has said it would like to promote this longer tenure.
The Your Move research shows that tenants are becoming more interested in longer-term tenancies.
Richard Waind, director at Your Move, said: “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.”
The research found that the regions with an average tenancy of 20 months included the East of Scotland, the East of England, the East Midlands and the North West.
And those with an average of 18 months included the South of Scotland, Edinburgh & Lothians, Glasgow & Clyde and the North East of England.
The West Midlands has an average tenancy of 22 months, the South East of England at 21 months, and Yorkshire and The Humber at 19 months.
How long do you let your properties for? Let us know in the comments section below.
We create this content for general information purposes and it should not be taken as advice. Always take professional advice. Read our full disclaimer
8 February 2017 • 2-minute read
Landlords were firmly in the Government’s sights when it unveiled its plans this week to fix Britain’s ‘broken housing market’. Barclays…
6th Floor99 Gresham StreetLondonEC2V 7NG
Sol House29 St Katherine's StreetNorthamptonNN1 2QZ
© Copyright 2021 Simply Business. All Rights Reserved. Simply Business is a trading name of Xbridge Limited which is authorised and regulated by the Financial Conduct Authority (Financial Services Registration No: 313348). Xbridge Limited (No: 3967717) has its registered office at 6th Floor, 99 Gresham Street, London, EC2V 7NG.