Long term tenancies 'becoming more popular'
Posted by Lucy Wooldridge
While homeownership remains an aspiration for many Brits, in the current climate it's more of an unobtainable dream as first-time buyers struggle to save and secure the finances required to purchase a property.
And with income growth seemingly stunted, the cost of living high and house prices refusing to undergo any significant drop, there appears to be little sign that this will change in the future.
So as a result of conditions in the housing market, many Brits have instead opted to scan the books of residential lettings agents in a bid to find accommodation in the private rental sector - and one expert explains that they're now spending longer periods of time in such properties.
"I think that we may well see a bit more of a trend towards that [longer-term tenancies], particularly at the moment because we are seeing quite a sharp shift towards rental away from owner-occupation," said Gary Styles, strategy risk and economics director at Hometrack.
If Brits continue to be content to sign up to long-term tenancies and their prospects of getting on the housing ladder look bleak, it could be up to landlords to adapt to the changing demands among tenants.
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