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Research Identifies High Levels Of Tenant Satisfaction

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http://www.paragon-group.co.uk/file_source/Files/MAIN/pdf/Press%20Releases/2015/FINAL%20-%20Tenants%20satisfied%20with%20length%20of%20tenancy.pdf

RESEARCH IDENTIFIES HIGH LEVELS OF TENANT SATISFACTION

 Eight out of ten tenants are satisfied with their current landlord

 Only 5% of tenants have been refused a longer-term tenancy

 65% of tenants believe their rental payment represents ‘good’ or ‘very good’ value for money

New research commissioned by Paragon Mortgages has revealed more positive attitudes among tenants towards private renting. The Q2 tenant market analysis, carried out by BDRC Continental, reported a rise in tenant satisfaction with 80% satisfied with their current landlord and 87% of tenants now regarding their rented property as their “home”, rather than a short-term arrangement.

The research also highlighted that the average duration of tenants living in their current rented property in Q2 was seven years, with the typical total stay in the PRS being 12 years. When asked about their long-term housing plans, more than a third (35%) of participating tenants intend to remain within the PRS.

Almost a quarter (24%) of tenants intended to buy a house in the future, with the proportion of respondents citing the unaffordability of housing as the reason for renting privately increasing from 69% to 74%.

The Q2 research also reported 65% of tenants believe their rental payment is, in terms of value for money, either ‘good’ or ‘very good’. John Heron, Managing Director of Paragon Mortgages, said: “This research provides a valuable insight into the sector. There are many surveys of landlords and many academic reports on the PRS. There are, however, too few surveys that poll tenants directly on their experience of renting privately. “This survey has identified high levels of tenant satisfaction and an appreciation of the good value that rented accommodation can offer across the country.

It is more disappointing though to see that affordability constraints are impacting negatively on future choices in housing with less than a quarter of tenants expecting to buy their own home in due course.”

The survey was based on a sample size of 800 respondents sourced from a consumer panel. It was designed to be demographically representative of tenants privately renting across the UK, and forms the second issue of an ongoing series in tenant surveys conducted by BDRC Continental.

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...Almost a quarter (24%) of tenants intended to buy a house in the future, with the proportion of respondents citing the unaffordability of housing as the reason for renting privately increasing from 69% to 74%...

Research identifies high levels of people are forced to rent because they're excluded from owner occupation. Houses need to return to sensible invome multiples and the private rental sector needs to shrink by approximately 74%.

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Of course

And even with that bias it says

"Almost a quarter (24%) of tenants intended to buy a house in the future, with the proportion of respondents citing the unaffordability of housing as the reason for renting privately increasing from 69% to 74%."

Let's just set that out very clearly:

74% of the tenants surveyed are renters because buying is too expensive

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Of course

And even with that bias it says

"Almost a quarter (24%) of tenants intended to buy a house in the future, with the proportion of respondents citing the unaffordability of housing as the reason for renting privately increasing from 69% to 74%."

Let's just set that out very clearly:

74% of the tenants surveyed are renters because buying is too expensive

Snap ;)

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According to this survey 1 in 5 tenants are unsatisfied with their landlord. That doesn't actually seem very good considering that shelter is a basic and essential human need.

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According to this survey 1 in 5 tenants are unsatisfied with their landlord. That doesn't actually seem very good considering that shelter is a basic and essential human need.

I was surprised that so many think the rent is good / very good value for money too

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I was surprised that so many think the rent is good / very good value for money too

I'm not so surprised by that. Rents are constrained by wages and in many areas look like good value in comparison to mortgage payments on the same properties. Given 74% of renters are only renting because they can't afford current house prices then surely they will be judging the good value or not of their rent in these terms. That said:

Lower the house prices = lower mortgage payments = lower satisfaction with current rents in comparison?

Also, lets not forget that 35% think that their rents aren't good value for money, which is quite a substantial figure.

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Of course

And even with that bias it says

"Almost a quarter (24%) of tenants intended to buy a house in the future, with the proportion of respondents citing the unaffordability of housing as the reason for renting privately increasing from 69% to 74%."

Let's just set that out very clearly:

74% of the tenants surveyed are renters because buying is too expensive

I have to also ask who are the main readers of this press release - shareholders of Paragon (PAG), and the brokers of PAG shares, and possibly Landlords - customers of Paragon. I don't think tenants would know what mortgage provider their landlord is with.

As a shareholder of PAG, this would be good news (in bold). This means continued business and returns in dividends for PAG shareholders. The market is getting bigger, not smaller, but this is according to a survey funded by PAG.

As a broker of PAG shares, the press release bolsters "buy" notes by share analysts to their clients.

Edited by 200p

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