Longer tenancies could bring benefits

Longer tenancies could bring benefits.

Incentives to encourage landlords to offer longer tenancies could play a key role in boasting the UK rental market.

Chancellor Philip Hammond has announced plans for a consultation to assess the impact of encouraging more landlords to offer long-term tenancy agreements, as well as whether it will support the Build to Rent sector.

David Cox, chief executive of the Association of Residential Letting Agents (ARLA) believes more support for secured tenancies could be a possible move for the industry.

“We are pleased that the government will consult on longer term and more secured tenancies, this feels to be in line with the holistic approach they are taking towards the rental market,” said Mr Cox.

Fareed Nabir, chief executive officer of online lettings app LetBritain, believes may landlords could be tempted by tax incentives and it could offer stability for the country’s long-term renters, especially younger people who feel they are unlikely to become homeowners.