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Majority of UK private rented sector tenants don’t want long leases, research shows
Almost 80% of tenants in the UK want a lease that is between six months and two years, with just one in five tenants wanting longer leases of two to five years, new research has found. Over half of tenants are hoping to move up the rental ladder and rent a nicer property when they can afford to, according to the study by online letting agent PropertyLetByUs. It also found that over 60% of tenants would like to redecorate their property and over half of tenants want to change the carpets and floorcoverings a further 23% want to install decking, 18% want to add a hot water tub and 13% want to create a patio. ‘Clearly tenants don’t want long leases. For many, longer than two years does not give them the freedom and flexibility they need. They may find a job, then move on to another one, start out living with friend and then want to move in with a partner,’ said Jane Morris, the agent’s managing director. ‘However, landlords like longer leases as they get charged fees each time their agent needs to find new tenants. Our research also shows that many tenants do aspire to owning their own home and a large proportion of them want to redecorate their rental accommodation,’ she explained. But she pointed out that this can cause a major headache for landlords, with many facing redecorated properties at the end of the lease, with no prior approval secured by the tenant. The latest Tenant Deposit Scheme report shows that redecoration is a major cause of dispute, taking 32% of the share. ‘We have seen properties with walls painted in bright colours, despite landlords specifying that the décor must be a neutral and standard lettings property colours, from off-whites and beige to magnolia. One tenant decided to decorate the whole house black and white. Another tenant chose a dark burgundy for all the walls, throughout the property,’ said Morris. ‘Even when a tenant repaints in the correct or authorised colour scheme, there are still problems. We have seen instances of bad paint application, patchy walls, paint spills on carpets, curtains, fixtures and fittings, all of which the tenants will be responsible for at the end of the tenancy,’ she added. The firm says that it is vital that landlords carry our mid-term property inspections and ensure the inventory and check-in stipulates the colour and quality of the decoration. If tenants do want to decorate, they should be given colour swatches to choose from and clear instructions on what can be painted and how. Continue reading
High property prices and deposits preventing people from buying a home
High property prices, affording a deposit and associated costs are the biggest barriers to buying or moving home in the UK, new research has found. Some 51% of are considering buying a home or trading-up the property ladder but, 61% can’t see that they’ll be in a position to do so in the next 12 months and 21% worry they may never afford to buy or move home. The research, commissioned by Gocompare.com Mortgages, also found that those considering buying or moving home have been thinking of doing so for an average of 3.2 years. For 22% it is high property prices in the area they want to buy that prevents them from doing so, for 18% it is getting enough money together for a deposit and for 11% it is the associated costs of buying a property and moving. Other barriers to moving home include a lack of availability of the type of property in the area they wish to live, affecting 11%, while 19% cited job or income insecurity and the ongoing costs of running a home including mortgage repayments, utility bills and council tax. The survey found that while high property prices are a key obstacle for all would be home movers, other difficulties varied considerably with age. For example, 45 to 54 year olds cite a poor credit history or credit score and job/income insecurity among their top three barriers to buying or moving home. For those in the 55 to 64 and 65 plus age brackets, the main obstacle they face is a lack of availability of the type of housing they wish to move to in the area they want to live in. ‘Affordability is a big concern for both first time buyers and those wishing to move-up the property ladder,’ said Matt Sanders, spokesman for Gocompare.com Mortgages. He pointed out that according to the Office for National Statistics house prices are continuing to increase due to rising demand and a lack of supply. Indeed, the average house price in the UK now stands at £288,000 and with house price inflation exceeding wage growth it’s even harder to save enough money for a deposit, potentially putting home ownership out of reach for many people. But he also pointed out that there has recently been a resurgence in the number of lenders offering low-deposit mortgages. Most lenders now have a mortgage product aimed at home buyers with a deposit of 10% of the purchase price of their property and, subject to stricter eligibility criteria, some lenders offer 5% deposit mortgages. ‘The obvious advantage of a low-deposit mortgage is that you’ll be able to buy a home or move sooner, but, interest rates and fees for these products tend to be higher than for mainstream mortgages. So, if you are concerned about the ongoing costs of home ownership, then it might be better off saving… Continue reading
Survey reveals where tenants in England are most satisfied with their landlords
More renters in the East Midlands are satisfied with their landlord than in any other part of England according to new research. The survey by the National Landlords Association (NLA) found that 83% of renters in the East Midlands said they are satisfied with their landlord. Tenants in the North West and South West were jointly second on the list, with 82% satisfaction. However, there are some stark regional differences. For example, 82% of tenants in the North West are satisfied with their landlord but just 67% of tenants in the North East, the lowest satisfaction rate in the whole of the England. Overall, on average across all regions, some 79% of tenants taking part in the poll are satisfied with their landlord. In third place was the South East with 80% satisfaction, followed by the West Midlands at 79%, Yorkshire and Humber at 73%, London at 72%, the East of England at 71% and the North East at 67%. ‘Good landlords make up the majority of the market so it’s not surprising that the majority of tenants are satisfied,’ said Richard Lambert, NLA chief executive officer. ‘Private renting is far from the insecure, uncertain and unhappy picture that it is often made out to be, and these findings will help to reassure existing renters and those looking to make their home in the private sector. However, it doesn’t help the minority of tenants who are dissatisfied,’ he explained. ‘The NLA provides a range of training and accreditation opportunities for landlords in order to help them develop and improve standards so they can provide a better service but this is only part of the solution. Both central and local government must also commit more resources to tackling poor standards and weeding out bad landlords,’ he added. Continue reading
