
Figures from the latest Rent Check report, produced by BDRC Continental and Allsop LLP, show that Britons are increasingly at home with renting rather than buying their home. The vast majority of tenants in the study – 91% – said that their rented property was their ‘home’ rather than a temporary roof over their heads.
The survey shows that many landlords also see the private rental market as a long term option – although better communication between landlord and tenant would not go amiss. Almost one half of tenants (45%) in the survey worry that they may lose their rented home should the landlord terminate the tenancy.
Although the average tenant’s stay in a rented property is now two and a half years, three quarters (75%) of tenants have been renting privately for over four years – and 41% of those have been in the same property for the entire time. And at an average of three years for the retired and 2.8 years for families, these are the tenants who stay in rented properties the longest.
Average rent pcm by property type and region
Rounded to the nearest £5
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Region
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2 bed flat pcm
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3 bed property pcm
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April – Sept 13
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Sept 12 – Mar 13
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April – Sept 13
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Sept 12 – Mar 13
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London (zones 1-2)
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£1,505
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£ 1,515
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£1,990
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£ 1,815
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London (zones 3-6)
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£1,070
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£ 1,065
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£1,435
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£ 1,435
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South East
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£730
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£ 695
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£960
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£ 935
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East England
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£610
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£ 665
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£720
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£ 830
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South West
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£660
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£ 635
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£830
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£ 720
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Wales
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£555
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£ 585
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£650
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£ 665
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North West
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£535
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£ 560
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£625
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£ 630
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West Midlands
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£560
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£ 545
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£640
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£ 620
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Yorkshire
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£520
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£ 530
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£600
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£ 615
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East Midlands
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£550
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£ 520
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£625
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£ 550
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North East
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£530
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£ 480
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£545
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£ 500
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Source: BDRC Continental The ‘Rent Check’ Sept 2012 to Sept 2013
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Notes to editor
The ‘Tenants Panel’ is a quarterly, quantitative survey of current tenants in the UK’s private rental sector undertaken by the National Landlords Association. Launched in Q1 2013, each wave has attracted over 500 responses from tenants recruited from commercially available sample sources.
How we create the ‘Rent Check’
The guide uses real landlord experience and rents agreed rather than the headline asking prices published for marketing purposes and commonly listed by letting agents. This is important because data from the first report indicates that actual rental income is different to the initial advertised asking rent for nearly a third of all lettings. We survey landlords in each region of England and Wales to provide indicative rental analysis on the basis of both region and property type. Data gathered for this purpose has been analysed and scrutinised by BDRC Continental’s research analysts and draws on their years of experience in both consumer research and the private rental market.
About the authors
The ‘Rent Check’ is the result of collaboration between one of the UK’s leading property consultancies, Allsop LLP (www.allsop.co.uk), and the UK’s largest independent research consultancy, BDRC Continental. It tracks the experience of a large sample of members of the National Landlord Association (NLA), providing a statistically significant overview of the rental market over six months. 1,536 landlords were interviewed for the first report in the six months to March 2013, and 2,068 were interviewed April to September 2013.
Allsop is an independent property consultancy with a market-leading reputation for high quality service, integrity and innovation. We are also well known as the UK’s largest and most successful auction house. Our success is built on over 100 years’ experience in commercial and residential property consultancy and sales.
Contact
To arrange an interview or for the supply high resolution images or further information please contact Vicki Lloyd-Jones on 020 7543 6738