28th
Feb 2020
A latest survey has found that on average UK private tenants stay in their rented homes in major cities for more than a year, however some areas have more than twice as long tenancy averages.
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Research carried out by a manufacturer of energy saving blinds shows that tenants in London on average stay in a property for just a year, whereas in Bristol tenants stay on average for three.
63% of renters who took part in the survey said they were more than happy where they currently live, however 18% were looking to move on. All respondents gave their preferred length of time they like to or have stayed in a rented home.
The list below contains the cities with the average length of stay for tenants in a home:
London – 1 year
Manchester – 1 year and 2 months
Birmingham – 1 year and 6 months
Nottingham – 1 year and 8 months
Cambridge – 2 years
Oxford – 2 years and 3 months
Liverpool – 2 years and 5 months
Newcastle – 2 years and 6 months
Cardiff – 2 years and 10 months
Bristol – 3 years
The top reason why tenants did not stay in the rented homes for too long was to live somewhere cheaper accounting for 35%,followed by 28% because it was closer to work; 17% moved for a better social life and 10% because they could live somewhere nicer and could afford to pay extra.
The survey also found that 28% of tenants had stayed in their rented accommodation because they could not move any earlier because the tenancy agreement.
Interestingly enough according to the research 48% of UK tenants who are living in rented homes are hoping to buy their own home in the near future, but 33% believe that they will never ever be able to afford to buy their own property.
Ashleigh Noon the spokesperson for the company, commented: “Renters are always going to move around more often than homeowners, purely because they have the luxury to be able to do so, whether that’s to move into a nicer home or to save money on what they’re already paying.”
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