Tenants staying put for longer

People living in rental homes across the UK are now staying in the same property for longer than they used to, as uncertainty in the market of properties for sale continues for most consumers.

According to one expert, this leads to people feeling like they want to have somewhere that feels like their own, but without having to commit to a mortgage and risk the potential for losing their job and not being able to keep up with expensive payments.

Malcolm Harrison, spokesman for the Tenancy Deposit Scheme, said that fears for how the economy will perform in the future are also developing a trend for people simply staying where they are, as opposed to either moving to a new property to rent or buying their own.

"People don't know what is happening [with the economy] - we are in a recessionary climate. They may be in work and everything is going well with their jobs, but they are nervous so they are not going to make any major moves. This will decrease activity."

He also said that the average length of a tenancy is increasing, as people who used to stay in the same place for around 14 or 15 months at a time soon begun to stay there for longer. The figure, he noted, is only likely to grow even further as time progresses.

It is not all good news for those staying in privately rented homes however, as many expect to see the cost of their homes increase over the next years. In a recent report, the Halifax said that 61 per cent of people living in rented homes expect to see the costs of renting go up over the next 12 months.

Only three per cent of people anticipate the price of rent to drop at all over the next year.