Over a quarter of tenants in the UK feel that they were rushed into entering their tenancy agreement, particularly in London, a new survey has found.
Overall 27% felt rushed and more than half regretted renting their current property, according to the research commissioned by Ocean Finance.
Such is the competition in the rentals market that 1.5 million tenants, some 8% of renters, signed their tenancy agreement on the day they viewed the property.
One in 10 said the turnaround between viewing and entering the tenancy was two to three days, and a similar number said they signed the agreement between four and seven days after the viewing.
The survey found that 18 to 24 year olds are the most likely to act hastily when renting with 46% saying that they felt rushed into signing. By contrast, just 17% of those aged over 55 felt pressured to sign quickly to secure the property.
Tenants in London felt under the most pressure to sign quickly to secure a house or flat with 40% rushing into it but renters in Northern Ireland also felt under the same amount of pressure. By contrast, just 12% of tenants in Wales felt the pressure to sign.
Riddled with regret
Of those tenants that say they felt under pressure to sign their agreement, half say that they wish they hadn’t done so with 10% saying the property is too cold, 9% that it was too small and 9% also saying it needed work done on it.
Some 8% regretted their decision because they did not like the area, 6% said there was not enough garden, 4% felt it lacked character and 4% thought it was too old fashioned while 2% found it was too far away from amenities.
‘Our figures demonstrate just how hard it is to rent a property across much of the UK. The best properties are often snapped up within hours or even minutes. As a result, would be tenants feel under pressure to sign quickly to secure the property,’ said Ian Williams, Ocean’s spokesperson.
‘Sadly, half of those go on to regret their haste, finding themselves in a home that they don’t like or which doesn’t suit them,’ he added.