Nearly 60% of tenants plan to move before Renters Rights Bill passes
Though the Bill has been introduced to support tenants’ rights, new research shows the majority are still keen to ditch their current properties.
Tlyfe, an app created by OpenBrix for tenants and estate and lettings agents, have today (Wednesday 22nd January) published new research that shows three out of five renters planning to move this year wish to do so within the next six months.
Experts surveyed 1,022 tenants who are registered on the app and found 57% of UK tenants plan to move out of their current home this year. One of the biggest drivers for this, which was cited by 21% of participants, is people claiming problems with their existing house have gotten out of hand.
Though the implementation of the Renters Rights Bill – which is due to become law in spring – is looking to change this. Once it receives Royal Assent the Bill maintains landlords must address issues inside of tenants homes within a strict timeframe – especially problems concerning damp and mould.
As it stands, The Renters Rights Bill passed its final reading in the House of Commons on 14th January and is set to appear in the House of Lords on 4th February.
Other issues tenants flagged within the report as reasons for wanting to move include upgrading the size of their house (16%), an inability to afford their current rent (14%), relocation for personal reasons (14%) and the end of their tenancy spurring a fresh start (7%).
Commenting on the findings, Adam Pigott, CEO of OpenBrix, said: ‘Competition for rental properties is fierce and this demand is only set to grow further as we see the usual surge in market activity from tenants looking to make their move for the year ahead.
‘Such is their desire to move, that the majority will be doing so before the Renters’ Rights Bill comes into play and, given the lack of stock to meet rental demand, this is probably a smart move if they hope to find a suitable rental property without little complication.’
To give context, separate research which surfaced in the summer last year outlined the number of rental properties available in the UK has decreased by 31% since 2019.
Adam continued that although a vast number of renters have expressed their desire to move soon, the majority ‘aren’t ready’.
‘However, it’s clear that many tenants simply aren’t ‘rent ready’ and this could put them at a severe disadvantage against the competition,’ Adam added. ‘At the absolute least, you need to have your documentation in order, be proactive in contacting agents in your desired area and have a deposit accumulated to ensure you can act immediately.’
A full list of the survey’s results can be accessed here.
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