19^th Apr 2019

The plus side for longer tenancies is that London's tenants are increasingly looking for longer term tenancies. More and more renters in the capital are having to accept that to buy their own home is becoming virtually impossible especially in London.

An estate and letting agent's chain says that its latest research, their Annual Tenant Barometer, has found that around 59% of tenants who took part in the survey are looking to rent for a much longer period than originally intended, solely down to property prices.

The report found that on average London's renters believe they will stay tenants for at least five years; this is a 25% rise from the previous year's Annual Tenant Barometer.

Whilst a longer period of tenancy is now becoming far more important, the survey found that the rental cost was still the major priority for tenants. Many couples are preferring to rent in an area they want to live in rather than opting to buy a property they can afford elsewhere.

The five main priorities when deciding to rent a property are, cost, area of London, how many rooms/ size of the property, communication links and the tenancy period.

However for a younger age group of 18 - 34 year olds, there are two other key factors which are fully furnished properties and the rent includes bills.

Carol Pawsey, group letting director at the estate and letting agents chain, said: “The strength of the private rental sector has been well documented and debated, and there is no doubt that the demand for rented accommodation is set to continue.

“In fact, in the first 10 weeks of 2019, our online tenant enquiries were up by 57% on 2018 and tenant registrations across our 46 lettings offices were up by over 25%.

“It is a good time to be a landlord in London, albeit, with changes to legislation, it pays to be partnering with those who can guide you through.”


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