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Private tenants in the UK spend over one year in their rental property on average, but some areas see much longer tenancies than others.
According to research carried out by Duette, makers of energy saving blinds, private tenants in London spend a year on average in each property, while their counterparts in Bristol stay on average for three years.
Almost two thirds of private tenants (63 per cent) admit they are happy in their current home, but almost one in five (18 per cent) are actively looking for a new place to move to. When asked how long they typically rented a property for before moving on, the below cities in the UK were found to be the top movers who don’t like to stay in the same house for too long:
- London – 1 year (average time spent in their rented property)
- Manchester – 1 year and 2 months
- Birmingham – 1 year and 6 months
- Nottingham – 1 year and 8 months
- Cambridge – 2 years
- Oxford – 2 years and 3 months
- Liverpool – 2 years and 5 months
- Newcastle – 2 years and 6 months
- Cardiff – 2 years and 10 months
- Bristol – 3 years
What’s more, wanting to move somewhere cheaper/more affordable was found to be the top reason for not staying in one place too long (35 per cent), while others confessed it was in order to move closer to work (28 per cent) or for a better social life (17 per cent). A further one in 10 move because they can afford to spend a little extra and live somewhere nicer (10 per cent).
Furthermore, 28 per cent of private tenants admit they only stuck around in some of their homes because they were tied in by contract and couldn’t leave any earlier.
Finally, it was found that 48 per cent of Britons who are currently renting are looking at buying a property in the near future, yet 33 per cent of renters don’t believe they will ever have enough money to buy their own home.
Ashleigh Noon, spokesperson for Duette, commented: ‘Renters are always going to move around more often than homeowners, purely because they have the luxury to be able to do so, whether that’s to move into a nicer home or to save money on what they’re already paying.’