According to a new research conducted, there is a continued increase in the demand for properties that are for rent despite the effort of the government in discouraging the buy to let market and encourage residents to become home owners.
High number of landlords that are sending reports of an increase in tenant demands which is slightly higher or significantly higher. The percentage is now at 39 per cent for the first quarter of 2016 in comparison to the 34 per cent recorded in the last quarter of 2015. On the other hand, 36 per cent of the landlords are saying that the demand for rental is on a stable level.
The BDRC Continental for Paragon Mortgages has conducted a recent survey that shows there are sectors that are noticing an increase in the level of satisfaction from the tenants. Around 79 per cent of the tenants who are included in the survey exclaimed that they are happy with their present landlord.
According to the same research, there are 85 per cent of tenants that are treating their existing rental properties as their permanent home and 69 per cent of them are in the opinion that the cost of their rent is a good deal or they are getting their money’s worth.
Based on the changing nature of the housing tenure, when it comes to tenants that are staying in their current rentals, the average length of stay is at around seven years from occupancy. In terms of those who are availing of the PRS or Private Rented Sector, the average years for renters is around 13 years.
Landlords are also in agreement that the PRS is a great factor thus there is an increase in the housing demand in the United Kingdom. It has been estimated that the social housing industry has already lost around one million of their houses starting `1991. With this, 78 per cent of the landlords believe that PRS has compensated in a way to cover the decrease in the social housing. Just like in United Kingdom, there is also a continued rise in Hua Hin in terms of property for rent.