Survey reveals positive attitude to renting in the UK
The majority of tenants in the UK private rented sector are satisfied with their current landlord with only 5% refused a longer term tenancy, new research shows.
Overall 65% of tenants believe their rental payment represents ‘good’ or ‘very good’ value for money and have positive attitudes towards renting, according to the study commissioned by Paragon Mortgages.
The quarter two tenant market analysis, carried out by BDRC Continental, reported a rise in tenant satisfaction with 80% satisfied with their current landlord and 87% of tenants now regarding their rented property as their home rather than a short term arrangement.
The research also highlighted that the average duration of tenants living in their current rented property in the second quarter of 2015 was seven years, with the typical total stay in the private rented sector being 12 years.
When asked about their long term housing plans some 35% of participating tenants intend to remain within the sector and 24% intended to buy a house in the future, with the proportion of respondents citing the unaffordability of housing as the reason for renting privately increasing from 69% to 74%.
‘This research provides a valuable insight into the sector. There are many surveys of landlords and many academic reports on the PRS. There are, however, too few surveys that poll tenants directly on their experience of renting privately,’ said John Heron, managing director of Paragon Mortgages.
‘This survey has identified high levels of tenant satisfaction and an appreciation of the good value that rented accommodation can offer across the country. It is more disappointing though to see that affordability constraints are impacting negatively on future choices in housing with less than a quarter of tenants expecting to buy their own home in due course,’ he added.