A round table debate saw a call for the UK rental market to become more like Europe with longer standard tenancy contracts needed as the number of people living in rented accommodation increases.
Emba group sales and marketing director Mike Fitzgerald said younger people have developed a “rental mentality”.
He said: “My sons and daughters are getting into a rental mentality. No longer does their generation have the attitude that they must buy a house. There is a sea-change taking place. It is a very mixed-up market.”
Association of Mortgage Intermediaries director Robert Sinclair said the rental market should become more aligned with Europe where there are longer-term tenancies.
He said: “My son lives in rented accommodation and he would like to do more to up-grade the property but he sees no point in doing it because it is such a short tenancy, he has no certainty of tenure. If we are going to see a situation where more of our young people live in rented accommodation, then we need more certainty of tenure as you would find in the rest of Europe.”
PMS executive chairman John Malone said: “I understand the argument for short contracts, in that it is difficult to get rid of bad tenants. There are pros and cons but I think longer contracts will have to come in.”