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Continental-style renting 'good news for landlords'

Long-term renting is now recognised as a perfectly acceptable alternative to buying a home – and British tenants are now thinking like continentals, an expert has said.

The Joseph Rowntree Foundation has predicted that 1.5m additional 18 to 30-year-olds are likely to be priced out of the sales market in the next eight years.

Housing Market Challenges and Their Impact on Renting

Dorian Gonsalves, chief executive of national lettings chain Belvoir, said: “A depressed residential property sales market, lack of mortgage facilities for first-time buyers and an inability to save for high deposits are all factors that are forcing a generation of Brits on to the long term rental market.

“We have 150 offices nationwide and many of our offices are already reporting a trend for tenants to remain in rental properties for much longer than was previously seen.

“As a result of this, new tenants in some parts of the country are struggling to find good-quality accommodation.

Benefits of Long-Term Tenants for Landlords

“Long-term tenants are good news for landlords, who do not have to incur costs to re-let a property, and if the tenant is a good one, who pays their rent on time and looks after a property really well because they view it as a family home rather than transient accommodation, they are very valuable to the landlord.

“Long-term renting is now being recognised as a viable alternative to home ownership, which was probably not the case for previous generations in the UK, although was certainly the case throughout Europe.”

Article courtesy of Landlord Today“”