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27/11/2008
Today's market makes long-term tenancies 'too risky' |
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Longer term tenancy contracts are not a good idea in the current macroeconomic climate, an industry insider has claimed.
Caroline Kavanagh, lettings operations director of Townends estate agents, has publicly stated that in the current economic climate, tenants and landlords need as much flexibility as possible.
Mike Goddard of Belvoir lettings agents recently called for such agreements as an alternative to assured shortholds, but Ms Kavanagh disagrees.
"With factors at the moment such as landlords wanting to sell and rental increases becoming more difficult", she believes that the risks associated with long-term tenancies are "too great".
The rental market in the UK has been inundated with properties that owners have been unable to sell and have been forced to rent, which has applied a downward pressure on prices, according to the Royal Institution of Chartered Surveyors.
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