20th January 2009
Tenants staying longer
Increasing numbers of tenants are choosing to rent their properties for longer
periods because of the credit crunch, according to the UK’s largest
independent estate agency, haart.
The lettings division across the UK has seen average rental periods increase
from nine months to around 14 months, with tenants staying for longer and
opting for security and stability.
Paul Smith, Chief Executive of haart, said: “We have noticed that the number
of people terminating their leases has greatly reduced and people are staying
where they are.
“Some are concerned about their employment prospects and the squeeze on
credit so are plotting a sensible course to keep them on a steady path during
the months ahead.”
Many would-be first-time buyers are opting to rent, even though property
prices have come down significantly, preferring to see what happens to the
market during the coming months.
“As an experienced lettings provider, we are able to give plenty of help and
advice to people choosing to rent, particularly if it is their first time. It is
important they choose an agent like ours which is a member of the
Association of Residential Lettings Agents, ARLA, to give them the peace of
mind they require.
“At the same time, we need to ensure that landlords’ rights are also protected,
and while they are benefiting from having tenants stay for longer periods, we
are also advising landlords they should include a break clause in case their
tenants’ personal circumstances do change.”
Managing Director Andrew Berry added: “We find that many people are
preferring to rent because of lifestyle choice and to protect themselves from
the financial uncertainties in the current economic climate. Likewise,
Spicerhaart Residential Lettings can offer landlords total peace of mind by
offering our comprehensive Rental and Legal Protection Insurance policy to
safeguard against changes in their tenant’s circumstances.”
Please log on to www.haart.co.uk further information about property rentals.
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