Agent says tenants getting ‘older and older’ as rental market tightens

More than three quarters of tenants in West Yorkshire feel trapped in their current home due to the shortage of alternative rental properties, research from HOP reveals.

The Leeds-based estate agent manages a £245 million plus rental portfolio across West Yorkshire and also found seven out of 10 tenants ideally wanted to own their own home but three quarters of those would struggle to build up a deposit.

FIRST STEP

Most expect to buy in their 30s, with four out of 10 (41%) saying they will be aged between 32 and 39 when they take their first step onto the property ladder, followed by nearly three in 10 (27%) who believed that they will be in their 40s.

Some seven out of 10 (71%) said they would stay in their current home for the foreseeable future with one in 10 (12%) having already lived there longer than they planned to due to a lack of alternative property to move to.

Luke Gidney (main picture), HOP Managing Director, says: “Our survey also revealed that a quarter are happy renting and have no desire to buy.

“Most said it was the fact they could move quickly if their circumstances changed as well as not having to worry about repairs and maintenance that made renting preferable to buying.”

DIFFICULT CHOICES

But he adds: “Many tenants are facing difficult choices and are resigned to the fact that moving to a new rental property can be a challenge due to the shortage of available homes in the private rented sector which has driven rents up by approximately 10% in West Yorkshire in the past 12 months alone.

“We’re now in a position where demand for rental property is higher than it’s ever been and tenants are bearing the brunt of this, competing for available properties and having to pay record rents.

“It’s a horrible situation that’s only going to get worse unless action is taken to stem the landlord exodus.”