Average tenancy is now 20 months
Tenants are now adopting a longer-term view to renting property, reflected in the average assured short-hold tenancy length which is now 20 months. Tenants stay longest in Wales, and the shortest in the South West of England, according to fresh research by Your Move.
The data from the estate agency network shows that the average tenancy length in the UK is now up 18% from 2014, with a renter in Wales typically remaining in the same property for two years, thanks in part to the fact that the average rent in June was £599, which is below the average for the UK.
The shortest tenancies in the UK were found in the South West, where tenants typically remain in the same property for 15 months, which may partly explain why the average rent fell to £664 per calendar month in June 2017 from £684 nine months previously.
When examining tenancy lengths in local towns within the South West, Your Move found tenancies were even shorter in both Filton and Tauton, where average rental agreements are as little as six months.
London has nearly a fifth of the UK’s rental properties and has an average tenancy lengths of 20 months, which is on par with the UK average, despite the fact that the capital remains by far the most expensive part of the country to rent in, with average payments hitting £1,277 a month in June 2017, Your Move data reveals.