New research shows landlords and agencies ahead of Government in promoting long term tenancies

Research by the Residential Landlords Association found that a strong majority of their members would offer, and indeed many do offer, a longer term tenancy at the request of a tenant – clearly demonstrating that the will is there to provide them.

In his Budget speech the Chancellor Philip Hammond announced an intention to deliver longer tenancies in the private rental sector with a consultation on the objective soon to follow on.

ludlowthompson is a pioneer in this area and has consistently backed long term tenancies, with our average tenancy length now sitting at 26 months, as our research shows - they are seen as a ‘win-win’ for both landlords and renters. Landlords are able to use long-term tenancies to maintain occupancy when demand is seasonally low, and they provide greater financial planning through stable, steady income and a longer-term picture of future rental income.

On the other side, Long-term tenancies provide prospective renters stability in their financial planning and give them the opportunity to make their property a home and embed their lifestyle in a local area.

Stephen Ludlow, Chairman at ludlowthompson, comments: “We welcome the current drive to promote long term tenancies and continue to promote them for the benefit of everyone – landlords and renters alike.”

“Landlords can further secure their long-term financial stability by investigating the possibility of re-mortgaging at current low interest rates, before they potentially increase in the longer term. Indeed, recent research shows that buy-to-let mortgage costs currently remain stable.”

“For those landlords looking to get tenants on longer tenancies, it is important to use a trusted agency that can ensure all the correct checks are done, boxes ticked, and proper contracts are used."

For those landlords interested in talking about getting a new mortgage please contact Chris Lockey at Jigsaw Mortgages here.