Currently viewing the tag: "continent"

Hi Guys I saw this article on renting long term and wanted to share it with you all as it is something that Mike from MyPropertyPowerTeam and Legal 4 Landlords have posted about on here many times*, and now the rest of the UK is finally cottoning on….

The article got me thinking about the current state of the UK housing market and the shambolic state we now find ourselves in.

Continental-style renting ‘good news for landlords’

Long-term renting is now recognised as a perfectly acceptable alternative to buying a home – and British tenants are now thinking like continentals, an expert has said.

The Joseph Rowntree Foundation has predicted that 1.5m additional 18 to 30-year-olds are likely to be priced out of the sales market in the next eight years.

Dorian Gonsalves, chief executive of national lettings chain Belvoir, said: “A depressed residential property sales market, lack of mortgage facilities for first-time buyers and an inability to save for high deposits are all factors that are forcing a generation of Britons on to the long term rental market. Many of our offices are already reporting a trend for tenants to remain in rental properties for much longer than was previously seen. As a result of this, new tenants in some parts of the country are struggling to find good-quality accommodation. Long-term tenants are good news for landlords, who do not have to incur costs to re-let a property, and if the tenant is a good one, who pays their rent on time and looks after a property really well because they view it as a family home rather than transient accommodation, they are very valuable to the landlord. Long-term renting is now being recognised as a viable alternative to home ownership, which was probably not the case for previous generations in the UK, although it was certainly the case throughout Europe.”

Source: LandlordToday.co.uk

Having experience of renting abroad, where the practice is far more commonplace, the UK needs to gear the PRS up to provide quality rental properties for tenants, long and short term.

We still fall miserably short of the continental property offerings and expect tenants to be happy, as a nation I think we need to re-evaluate what we do with rental properties and need to ensure quality relationships with tenants are established and rents are affordable without state intervention, as standard.
But that’s just my opinion, what do you all think?

 

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*Previous “Spotlight” articles on long term renting

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