UK Tenants Rate Their Rents

UK TENANTS RATE THEIR RENTS

Tenants in Yorkshire and Humber derive the best value for money from their rent than in other parts of the UK, according to a recent poll by the UK Association of Letting Agents (UKALA).

UK TENANTS RATE THEIR RENTS

Tenants in Yorkshire and Humber derive the best value for money from their rent than in other parts of the UK, according to a recent poll by the UK Association of Letting Agents (UKALA).

More than four in five (83%) tenants in the region rated their rent as ‘good’ or ‘very good’ when asked their opinion on whether it represented value for money. Just six per cent perceived their rent as ‘poor’ or ‘very poor’.

The findings also show that the majority of tenants in Scotland, the East Midlands and the South East were also pleased with the value their rent provides, with three quarters (75%) of tenants in these regions also rating it as ‘good’ or ‘very good’.

At the other end of the scale, tenants in the South West were least pleased with the value their rent provides, with 57 per cent rating it as ‘good’ or ‘very good’ and a third (33%) rating it as ‘poor’ or ‘very poor’.

Tenants in the North East and Wales were shortly behind, with 30 per cent and 29 per cent rating it their rent as ‘poor’ or ‘very poor’ value for money, respectively.

The findings also show that most tenants haven’t seen rises to their rents in the last 12 months, with three quarters of tenants reporting they’re paying the same (72 per cent) or a lesser amount (3 per cent) compared with a year ago.

The vast majority (85 per cent) of tenants said they were happy with the length of their most recent tenancy agreement and four in five (79 per cent) said that their tenancy was either renewed or continued on to a rolling Statutory Periodic Tenancy (SPT) at the end of the previous fixed term period.

When it comes to the end of the tenancy, fewer than two per cent of tenants said their last tenancy was ended (1 per cent) or felt they were forced to move out because of increases to their rent (0.6 per cent).

Richard Price, UKALA Executive, said:

“While regional variations exist it’s pleasing that the majority of tenants are happy with the value they perceive their rent presents.

“Landlords and letting agents face a lot of unwarranted criticism for the rising costs of living but in reality this remains largely out of their control as rent levels are determined by the cost of housing provision and the balance between supply and demand in a given area.

“While efforts on the part of Government to foster more construction of affordable homes remain sluggish, local letting agents and landlords will continue to play a vital role in meeting the demand for housing across the UK.

“The findings are also encouraging for tenants; they demonstrate that rents on private lets over the past year have remained fairly stable and that the majority of letting agents and landlords are providing good quality, affordable and sustainable tenancies.

“Finally, it is a common misconception that a large proportion of tenants feel pressured to move out or have their tenancy ended prematurely, so hopefully these finding go some way to disproving this misnomer.”

 

-ENDS-

*UKALA Tenant Panel research, December 2013 – 647 online respondents.

Rent and value for money by UK region

For further information, please contact:

Sam Haidar
Senior Press Officer, UKALA
0207 840 8925
press@ukala.org.uk

NOTES TO EDITORS:

About UKALA:

The UK Association of Letting Agents (UKALA) is a trade association representing businesses which facilitate the rental of private residential property in England, Wales, Scotland and Northern Ireland. All revenues generated are used by the association to support and benefit its members.

 

UKALA exists to support letting agents who are committed to improving conditions in the private rented sector. UKALA membership requires all applicants to be vetted against UKALA safeguards, and only if the following four requirements are met can lettings agencies become members and be covered by UKALA’s CMP insurance.

1. Written confirmation from their bank that they have a clearly segregated client money account.
2. Written confirmation from their accountant(s) that their business finances are in order.
3. Proof of a minimum level of Professional Indemnity Insurance, to be confirmed by Hamilton Fraser Insurance (HFIS) at the time of application.

Once accepted agent members are required to abide by the UKALA Scheme Rules and Code of Practice; to ensure the highest standards of professionalism and an assurance of quality in residential lettings for both landlords and tenants.

 

UKALA is dedicated to continuously improving conditions in the private rented sector, by ensuring that landlords and tenants are treated fairly and that best practice is understood and adhered to in residential lettings. www.ukala.org.uk