Half of tenants feel rushed into signing an agreement and regret their renting decision later.
More than a quarter of tenants (27%) feel they were rushed into entering their tenancy agreement and latter regret the move, that’s according to research carried out on behalf of Ocean Finance.
Such is the competition in the rentals market that 1.5m tenants (8% of renters) say they signed their tenancy agreement on the same day they viewed the property.
One in 10 said the turnaround between viewing and entering the tenancy was 2-3 days, and a similar number said they signed the agreement between 4-7 days after the viewing.
Young people – 18 to 24-year-olds are the most likely to act hastily when renting, with almost half (46%) saying that they felt rushed into signing. By contrast, just 1 in 6 (17%) of those aged over 55 felt pressured to sign quickly to secure the property.
Perhaps not surprisingly tenants in London were the worst hit and felt under the most pressure to sign quickly to secure a house or flat – with 4 in 10 saying so (40%). But renters in Northern Ireland also felt under the same amount of pressure, reflecting heat in its property market. By contrast, just 12% of tenants in Wales felt the pressure to sign.
Riddled with regret
Of those tenants that say they felt under pressure to sign their agreement, half say that they wish they hadn’t done so.
The main reasons for regret were:
Ian Williams, Ocean’s spokesperson, said:
“Our figures demonstrate just how hard it is to rent a property across much of the UK. The best properties are often snapped up within hours or even minutes. As a result, would-be tenants feel under pressure to sign quickly to secure the property. Sadly, half of those go on to regret their haste, finding themselves in a home that they don’t like or which doesn’t suit them.”
*Red Dot questioned a nationally representative sample of 2,000 adults aged 18 and over between 14th March 2016 – 17th March 2016, of whom 636 were Scottish residents. The figures have been calculated based on ONS 2013 population estimates of 50.3m adults 18+ in the UK.
**Figures don’t add to 50% due to rounding
About Ocean Finance
Established in 1991, Ocean Finance is one of the UK’s leading loan and mortgage brokers. The company works with many of the UK’s lenders to help people find the right deal. It also offers the Ocean Credit Card, in partnership with Capital One.
©LandlordZONE® – legal content applies primarily to England and is not a definitive statement of the law, always seek professional advice.
Tenants suffer “Buyers Regret” https://t.co/4ViXycplsK
— LandlordZONE (@LandlordZONE) August 22, 2016