As new research from the National Landlords Association (NLA) has found that more landlords are providing their tenants with stable long-term tenancies as people shift away from home ownership toward, Belvoir Sheffield, the leadinglettings agency in Sheffield is advising that this is the shape of things to come.
As landlords offer more flexible forms of accommodation, many landlords are offering tenants tenancies which last over two years.
The findings, from the NLA’s latest quarterly Landlord Panel, show that 54 per-cent of tenancies now last between two and three years, and that 32 per-cent last in excess of four years.
However, it’s not all good news, and 49 per-cent of landlords surveyed have experienced rental arrears in the last 12 months and 37 per-cent are worried about instances of arrears in the months ahead.
Rick Flay,Director at Belvoir Sheffield, who offer a wide range of property to rent Sheffield, said: “In the last few years the property market has seen a cultural shift away from home ownership. Due to the desire for flexibility, the lack readily available mortgages and the high deposits required, people holding off purchasing their first home.”
Rick the expert in property lettings services in Sheffield, added: ” In countries like France and Germany, leases are offered on a five or ten year basis, and although leases in the UK are increasing in length, there is still some way to go to reach their standards.”
David Salusbury, chairman of the NLA, said earlier this week: “Longer tenancies and a lower turnover rate are both signs of much needed stability for both landlords and tenants in tough economic conditions. Private landlords are a key part of the investment mix required to meet the rising need for more flexible forms of housing at a time when demand for rented accommodation far outstrips supply,”
Belvoir Lettings Agency in Sheffield is the One Stop Specialists for Lettings including Property Management, Tenant Find, Investment and Wealth Management Advice, Fit-outs and Renovations, Furniture Packs and Investment Property Insurances and Buy To Let Mortgages.
