Longer-lasting tenancies 'the way forward'
Friday, 17 December 2010 3:30 PM
Long-term tenancies are becoming more popular in Britain's private rented sector and could provide "a way forward" in the housing market, according to the Tenancy Deposit Scheme.
Malcolm Harrison, spokesperson for the Tenancy Deposit Scheme, said that the difficulties people face in finding a deposit to buy their home has increased the popularity of renting property as a long-term solution.
"In the last three or four decades, people have tended to see renting as a short-term option," he explained. "What has definitely been happening in the last two or three years is a typical tenancy has been lasting much longer."
He went on to say that, while renting is still perceived by many as a short-term necessity, rather than a lifestyle choice, this need not be the case.
"The length of a tenancy has gone on average from less than a year to, some surveys say, over two years. Industry experts have long thought that there ought to be long-term tenancies."
According to the Royal Institution of Chartered Surveyors (RICS) residential lettings survey, diminishing supply of new property to the rental market coupled with increased demand led to a rise in rents during the three months to November.
