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Long-term tenancies 'becoming the norm in the UK'
Posted by Mark Cunningham
Long-term tenancy agreements are becoming more popular in the UK housing market in the wake of the recession and may represent the future of the sector, an expert has said.
According to Malcolm Harrison, spokesman for the Tenancy Deposit Scheme, transactions between landlords and tenants are becoming more widespread due to the fact that many people searching for homes are finding it difficult to muster a suitable deposit to buy their own property.
Mr Harrison added that this represents something of a reversal in the trend seen over the last 30 to 40 years, in which renting has mainly been regarded as a short-term solution.
"What has definitely been happening in the last two or three years is a typical tenancy has been lasting much longer," he explained.
These comments came after the publication of a study by Girlings Retirement Rentals last week (December 14th 2010), which found that the number one attraction for people who choose to rent when they finish work is having a lifelong tenancy agreement.
20/12/2010 14:55
News category: Property