Renters staying longer in homes despite insecurity concerns

Renters staying longer in homes despite insecurity concerns

9:51 AM, 4th December 2024, About 8 hours ago 7

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Despite the Labour government’s view that tenants face insecurity due to no-fault evictions, the English Housing survey reveals that renters are staying in their homes for longer.

According to the 2023-24 English Housing Survey, private renters now spend an average of 4.6 years in their current home.

This marks an increase from 4.4 years in 2021/22 and a rise from 3.7 years a decade ago.

Fixed-term tenancies give renters security

Industry bodies argue that fixed-term tenancies are a key factor in providing renters with stability. Despite this, the Renters’ Rights Bill proposes replacing fixed-term agreements with periodic tenancies.

The government claims this move will prevent tenants from being locked into contracts they can’t leave.

However, critics warn it could backfire, undermining the security that helps renters settle and stay in their homes.

According to Propertymark, fixed-term tenancies give tenants security of tenure and landlords guaranteed rent payments.

This type of tenancy is often preferred by tenants such as nurses working on fixed contracts, international students and families seeking stability due to children’s schooling.

However, if fixed-term tenancies were scrapped, all tenancies would effectively become short-term lets and create less stability in the private rented sector.

Expected to buy a property in the future

Elsewhere in the English Housing survey, in 2023-24, 57% of private renters and 25% of social renters said they expected to buy a property at some point in the future.

Among private renters who expected to buy in 2023-24, the highest proportion (39%) expected to do so in two to five years, an increase from 35% in 2022-23.

Across all tenures, the proportion of households with savings remained higher than before the COVID-19 pandemic.

Outright owners were most likely to have savings (85%, up from 75% in 2019-20), followed by those buying with a mortgage (71%, up from 60%), private renters (52%, up from 40%) and social renters (28%, up from 20%).


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Cider Drinker

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10:04 AM, 4th December 2024, About 8 hours ago

Tenants stay longer because there’s nowhere else to go.

Some stay in homes that are larger than their needs because smaller properties are not available. Others stay in overcrowded homes because larger homes are not available. And some stay in cold, damp homes because better ones cannot be found.

I agree that the RRB shouldn’t remove fixed terns but one positive from the change is that ALL tenancies will be broadly similar and agents won’t be able to screw money from tenants renewing their ASTs.

Jim K

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12:19 PM, 4th December 2024, About 6 hours ago

Reply to the comment left by Cider Drinker at 04/12/2024 - 10:04
Hi.
There is no real need yo renew an AST currently.
S13 or an agreement between LL and T or Agent and T is sll that is required for a rent review or increase.

Freda Blogs

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12:55 PM, 4th December 2024, About 5 hours ago

Never let the facts get in the way of the constant ‘demands’ from Shelter, Generation Rant et al.

Michael Johnson - Amzac Estates

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15:24 PM, 4th December 2024, About 3 hours ago

Reply to the comment left by Cider Drinker at 04/12/2024 - 10:04
How do agents get money out of tenants renewing ASTs? The tenants fees act in 2019 stopped all tenant fees didn't it?

PAUL BARTLETT

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15:48 PM, 4th December 2024, About 2 hours ago

Reply to the comment left by Michael Johnson - Amzac Estates at 04/12/2024 - 15:24
Renewal Fees and Letting Fees may be paid by the LL depending on their Confirmation of Marketing, their agreement with the Agent..

Cider Drinker

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15:51 PM, 4th December 2024, About 2 hours ago

Reply to the comment left by Michael Johnson - Amzac Estates at 04/12/2024 - 15:24That’s true, sort of.

Agents like to tell tenants and landlords that anew AST is required every 6 months. The landlord pays and the tenant’s rent goes up.
After the RRB, this practise will disappear.

Peter Merrick

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16:23 PM, 4th December 2024, About 2 hours ago

I've always given all my tenants a one month notice clause and rolling tenancy, on the basis that the whole point of private renting is that you never know when you will need to move on. Besides, I can then adjust the rent for when the next tenant comes.
In any case, it's quite rare these days for people to stay less than a year, even in shared accommodation. I've got a retired gentleman who has been renting a room from me since early 2016, and he's given up finding the sheltered accommodation he really wants as he's not enough of a priority.

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