One of the emerging developments in the rental market is the increasing length of tenancies in Liverpool and across the UK, according to letting agents Belvoir.
Jeremy Clarke, the owner of Belvoir Christchurch, said: “Long-term tenancies are definitely increasing and we are getting more people staying longer and longer.
“In fact, at our office tenancy lengths have almost doubled. When we first opened in 2004 people tended to stay in a property for about 18 to 19 months, but my average tenancy now is 33 months.”
Mr Clarke added that the longest tenancy was over ten years and others whose properties were taken over by Belvoir since they started living in them have been in their current places of residence for longer still.
This has been confirmed by other Belvoir landlords and landladies. For example, Patsy Day from Belvoir Bury St Edmunds said there has “definitely” been a trend towards longer stays, with this being most noticeable in January and February, when the turnover of people moving properties is much lower than it used to be.
Uncertainty, rising rents and the changing nature of the property market are all prompting tenants to stay where they are for longer, she suggested.
Mr Clarke also suggested a wide array of reasons play a part in the lengthening of tenancies. Some of these are down to a “huge fear” that if they moved finding a new place would be hard, while affordability is another issue, not least for prospective homebuyers who may stay in rented accomodation longer because of the time it might take them to save up for a mortgage deposit.
Adam Rastall of Belvoir Liverpool West Derby has also confirmed this by stating that one of the most frequent questions that tenants are asking when applying to rent a property is whether or not the property is available long term.
All tenants at Belvoir Liverpool West Derby have an Assured Shorthold Tenancy (AST) Agreement, under which a long period of renting one property is possible. This will apply in tenancies with landlords all over the country.
What such a trend may also emphasise is the importance of developing good relationships between landlords and tenants. This is in the interests of both parties, as it enables tenants to live harmoniously on one place and offers landlords the certainty of fewer void periods.
An AST agreement can operate where the accommodation is private, is the tenant’s main place of residence, the landlord does not live there themselves and where the tenancy began after January 15th 1989.
For more information or to speak to someone from Belvoir Liverpool West Derby call 0151 256 0880.
