2012 has seen tenants spending longer on their search for the perfect property. As a company, Chancellors have seen an increase in new instructions coming to the market of 18% year to date but we know this is not reflected across the lettings industry. However in spite of there being no glut of property, tenants are going on more viewings before they chose the property for them. The Chancellors branch network performance shows how all regions have seen more viewings per property with Berkshire and Surrey seeing proportionately the highest growth in viewings from those applicants looking to rent.

As in prior years, London tenants chose to see the most property before making their property decision but even their viewings numbers have seen a significant jump in 2012.

There is a lot of talk currently about whether prices are a factor. Chancellors have seen a 2% growth in prices over the year and whilst there are a lot of potential tenants searching for great value deals the viewings figures show that many are having to look for a long time before they find the deal they are searching for or, in many cases, they are eventually increasing their budgets to meet the landlord’s expectations for rent.

We can also report that once they have found tenants are looking for increasing stability. In past years the majority of tenants were looking for a 6 or 12 month tenancy in order to give them the ability to move around, or perhaps buy in the following year. With the increased effort to find the right property it does now appear that tenants are willing to or wanting to stay longer. Our company figures now show the average length of the initial tenancy being over 16 months in London, 18 months in the Home Counties and an extraordinary 28 months in Herefordshire and Wales. With tenants settling in for a long term tenancy this is great news for the landlord who is looking for a stable long term investment return

If you are a landlord and want more information on the impact of these trend changes on your search for a tenant then please don’t hesitate to contact one of our specialists in branch or on 0800 454 898