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Average tenancy is almost three years, study finds
An industry study reports that the average tenancy length is now almost three years.
Property consultancy firm Allsop’s fifth annual Rent Check report calculates the average tenancy as 2.7 years in duration, up from 2.5 years recorded last autumn.
The Rent Check, which surveys over 2,000 landlords, is compiled by Allsop in partnership with BDRC Continental – the UK’s largest independent market research consultancy.
Here are some of the headline figures from this year’s study:
– 38% of landlords stated that tenant demand has increased in the last 3 months (down 4%)
– 26% of landlords anticipate rental growth over the next 6 months (down 2%)
– 14% of landlords purchased at least one property in the 3 months to March (down 1%)
– 29% of landlords intend to purchase at least one property in the next 12 months (up 2% from autumn)
– 8% of landlords looking to purchase, expect to buy a new build property
– 4%of landlords have lowered rent across their portfolio in the last 12 months (down 1% from autumn)
The report also calculates average monthly rents across all UK regions. The highest average monthly rent for a two-bed flat in the first quarter of 2015 was recorded in London (zones 1-2) at £1,595, a yearly rise of £75.
For an average three-bed house, The Rent Check reports that the average monthly rents increased in the majority of regions during Q1 2015. However, falls were recorded in four regions. The most notable were respective yearly falls of £65 and £50 in London (zones 3-6) and the north east.
