London renters staying put the longest |
12 2007 |
| Tenants in London are the most happy with their rental accommodation, a new report has suggested. According to the latest figures from the Association of Residential Letting Agents (ARLA), tenants in the capital stay in a rented flat or house for an average of 17.7 months, with the many attractions of the city meaning that most are happy to settle down in one place for a length of time in order to enjoy the lifestyle. In comparison, the national average is 16.3 months, still a decent length of time given that many landlords offer contracts of either six or 12 months. The news of extended tenancies comes as young professionals across the country turn away from buying a property, with house price growth far out-stripping salary increases. "Once again, the sector is acting as the only viable safety valve for housing as a whole and bridging the gap between owner-occupation and the various provisions for social housing," said ARLA's operations managed Ian Potter.  |
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