Three out of five renters who plan to move home this year want to do so within the next six months, heralding what is likely to be a period of huge demand for available properties, research from Tlyfe reveals.
But very few imminent movers are taking steps to get ahead of the pack and give themselves the best chance of securing their ideal home in a highly competitive market.
The Tlyfe survey reveals that almost 60% (57%) of UK tenants plan to move home in 2025.
The most common motivation for this move is that there are too many problems with their existing property (21%), while other common motivators include the desire to live in a larger home (16%), an inability to afford their current rent (14%), relocation for personal reasons (14%), and the end of their tenancy spurring a fresh start (7%).
MOVE IMMEDIATELY
Three out of five (59%) tenants who plan to move this year intend to do so within the next six months. And 13% of those have plans to move immediately.
As of spring this year, the long awaited Renters’ Rights Bill is expected to receive Royal Assent and become law. But despite the bill’s focus on improving tenant rights, protection and welfare, 58% of those surveyed said they won’t put their plans to move on hold until it has passed.
When asked whether they think they are ready to move home immediately, almost 40% (39%) say ‘yes’.
However, they might not be quite as ready as they think they are because subsequent questions reveal that more than half (51%) have not yet managed to save enough money for a rental deposit, and 30% do do not yet have the required paperwork and documentation in place, such as Right to Rent, ID, and references.
Just 45% have identified the area in which they would like to live; 21% have registered with mailing lists to alert them of when appropriate properties land on the market; and less than a quarter (17%) have been proactive in contacting letting agents to let them know about their interest in the local market.
Furthermore, only 11% of renters who are planning a move this year are utilising third-party apps that allow them to maximise their preparedness and therefore get ahead of other renters when it comes to applying for properties.
FIERCE COMPETITION
Adam Pigott, Chief Executive of OpenBrix, says: “Competition for rental properties is fierce and this demand is only set to grow further as we see the usual surge in market activity from tenants looking to make their move for the year ahead.
“Such is their desire to move, that the majority will be doing so before the Renters’ Rights Bill comes into play and, given the lack of stock to meet rental demand, this is probably a smart move if they hope to find a suitable rental property without little complication.”
RENT READY
But adds: “However, it’s clear that many tenants simply aren’t ‘rent ready’ and this could put them at a severe disadvantage against the competition. At the absolute least, you need to have your documentation in order, be proactive in contacting agents in your desired area and have a deposit accumulated to ensure you can act immediately.
“It’s also interesting to see that very few tenants are utilising third-party platforms to help them get ahead of the game. Apps such as Tlyfe can give you a considerable advantage, providing lettings agents and landlords with required information to secure a tenancy in advance, allowing you to sign a contract on the spot once you find your perfect property.”
