South West tenants get worst value for money

Tenants in the South West of England feel they get the worst value for money from their rent than in other parts of the UK, according to a recent poll by the UK Association of Letting Agents (UKALA).

Just over half (57%) of tenants in the region rated their rent as ‘good’ or ‘very good’ when asked their opinion on whether it represented value for money. However, a third (33%) perceived their rent as ‘poor’ or ‘very poor’.

In comparison, the findings also show that tenants in Yorkshire and Humber derive the best value for money from their rent, with four in five (83%) tenants in the region rating their rent as ‘good’ or ‘very good’ value for money. Just six per cent of tenants in the region perceived their rent as ‘poor’ or ‘very poor’.

Tenants in the North East were shortly behind, with 30 per cent rating it their rent as ‘poor’ or ‘very poor’ value for money, and seven per cent undecided.

The findings also show that most tenants haven’t seen rises to their rents in the last 12 months, with three quarters of tenants reporting they’re paying the same (72 per cent) or a lesser amount (3 per cent) compared with a year ago.

The vast majority (85 per cent) of tenants said they were happy with the length of their most recent tenancy agreement and four in five (79 per cent) said that their tenancy was either renewed or continued on to a rolling Statutory Periodic Tenancy (SPT) at the end of the previous fixed term period.

When it comes to the end of the tenancy, fewer than two per cent of tenants said their last tenancy was ended (1 per cent) or felt they were forced to move out because of increases to their rent (0.6 per cent).

Richard Price, UKALA Executive, said: “While regional variations exist it’s pleasing that the majority of tenants are happy with the value they perceive their rent presents.

“Landlords and letting agents face a lot of unwarranted criticism for the rising costs of living but in reality this remains largely out of their control as rent levels are determined by the cost of housing provision and the balance between supply and demand in a given area.

“While efforts on the part of Government to foster more construction of affordable homes remain sluggish, local letting agents and landlords will continue to play a vital role in meeting the demand for housing across the UK.

“The findings are also encouraging for tenants; they demonstrate that rents on private lets over the past year have remained fairly stable and that the majority of letting agents and landlords are providing good quality, affordable and sustainable tenancies.

“Finally, it is a common misconception that a large proportion of tenants feel pressured to move out or have their tenancy ended prematurely, so hopefully these finding go some way to disproving this misnomer.”