Tenants are settling in for the long haul!
According to the latest English Housing Survey, private tenants now spend an average of 4.3 years in their rental homes. That's a 12.1% increase from a decade ago when the average was just 3.8 years.
Why the longer stays? The firm Zero Deposit suggests that rising rents are making tenants think twice before moving. After all, why hop around when each move could mean a heftier rent bill?
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Meanwhile, homeowners are showing a different trend. They’re spending less time in their mortgaged properties, averaging 9.2 years compared to 9.9 years over the past decade. This is a 13.9% drop from 2013.
So, whether you’re a tenant or a homeowner, it seems everyone’s rethinking their housing strategies. For tenants, it’s all about staying put and saving pennies, while homeowners are perhaps looking for new opportunities or downsizing sooner than before.
Stay tuned, property pros—these trends could shape the market in fascinating ways!
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