Landlords OK with longer tenancies - with conditions
Buy to let landlords are OK with the idea of three-year tenancies – provided they can get their properties back from tenants who don’t pay the rent, report Property Hub
In a survey, 82 per cent of landlords agreed that the idea was acceptable if the government came up with a quicker way of repossessing property through the courts.
Another 69 per cent want to have the power to decide if rents should be increased, while 59 per cent would like tax breaks for offering longer tenancies.
Fewer than 10 per cent were against the idea of three-year tenancy agreements.
“Getting good long-term tenants is the goal for any landlord so it’s not surprising that less than nine per cent of landlords would be against this policy regardless of any concessions,” said Rob Dix, co-founder of property advice resource The Property Hub, which carried out the survey.
“However, landlords obviously need to be protected too so it’s only natural that those operating in the sector are calling for some reassurance.”
Researchers also asked landlords about their property business plans.
A massive 80 per cent want to buy more property over the 12 months and 84 per cent had no plans to sell any property within three years.
“There has been so much talk of a mass exodus of landlords and the death of buy-to-let, it’s easy for some would-be landlords or, indeed, tenants, to believe the rental market is on its knees. However, it’s clear from our survey that landlords are far from retreating from the market,” said Dix.
“Most landlords are in it for the long term and have sound business plans – they don’t view property as a get-rich-quick scheme.”
Communities Secretary James Brokenshire floated the idea of longer tenancies to give tenants more security in a consultation published in July.
Statistics in the report explained that tenants tend to stay in a rented home for 3.9 years under the current 12-month rolling contracts.
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