A survey by AXA has found that a typical UK tenant believes they will be renting a home for ten years. However, in many cases this is not because they cannot afford to buy, but rather that a change in attitude towards renting means more are benefiting from the freedom it offers. Just 44% of tenants said they were renting for financial reasons compared to 67% in 2013. Respondents also suggested they prefer short term contracts of between 6-12 months despite calls for long-term tenancies to be compulsory. 61% of tenants said they were happy to commit to rent a property for just a year while just 18% preferred a longer term tenancy.
The results show that tenants enjoy the freedom and flexibility that comes with renting and are not interested in being tied to a property for several years at a time.