The demand for private rental property in the UK is so strong that one in four tenants say they have been rushed into their tenancy agreement, according to research.
Ocean Finance says 27% of tenants they questioned said they felt they had been rushed into entering a tenancy agreement with many of them saying the fierce competition for homes led to them signing on the day they had viewed a property.
Most of those who had signed quickly said they regretted doing so with the reasons including the property being too small or too cold and that it needed work doing to it.
In addition, 10% of tenants said that the time between viewing and then moving into a property was between two and three days with a similar number saying they signed their agreement between four and seven days after they had viewed a property.
How hard it is to rent a property
A spokesman for Ocean Finance said: “This demonstrates how hard it is to rent a property with the best ones being snapped within hours. The result is that tenants feel pressure to sign up quickly so they can secure a property but, sadly, half of them regret doing so in haste and have a home they do not like or which does not suit their needs.”
When the figures are broken down, the group most likely to act in haste are 18 to 24-year-olds with 46% confessing they felt they had been rushed into signing the tenancy agreement.
That compares with tenants aged over 55 with just 17% saying they felt pressured to sign.
It should not come as a surprise that tenants wanting property in London felt the most pressure for signing up quickly with 40% saying they had done so.
However, people in Northern Ireland also confessed to feeling pressure with just 12% of Welsh tenants saying they were pressured to sign an agreement.
Of the other reasons given for regretting signing a tenancy agreement quickly include the tenants not liking the area they live in, having a property that lacks character or is too old-fashioned or it does not have enough of an outdoor area.
Estate agent offers landlords one year’s rent upfront
Meanwhile, an estate agent is offering landlords a year's rent upfront and says it's seen landlords rushing to sign up with them.
The online firm Letme says hundreds of landlords have snapped up the offer which also includes a guarantee on the condition of the home in exchange for a 10% maximum fee.
The firm pays the landlord the one year's rent when the tenant moves in on day one and to avoid arrears the firm then manages the tenant to remove the day-to-day hassle a landlord may face.
Tenants need an excellent credit history or must provide a guarantor for the rent.