A new study has revealed that more than half of UK tenants regret signing a tenancy agreement – and that almost a third felt ‘rushed into’ signing such a document during the very early stages of seeking rented accommodation.
Alarmingly, one in ten British renters went from viewing a property to actually signing a tenancy agreement in 3 days or less, according to research carried out by Ocean Finance.
According to the study, British tenants are feeling increasingly ‘under pressure’ from competition in the market – and many are even signing tenancy agreements on the same day as viewing a property.
27 per cent of Britons living in rented accommodation said that they had felt ‘pressured’ or ‘rushed into’ signing a tenancy agreement – a figure which stretched to 46 per cent amongst renters between the ages of 18 and 24.
Ian Williams, a spokesman for Ocean Finance, said: “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.
“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”.
A tenancy agreement is a legally-binding document and Britons are advised to seek specialist advice before signing such documentation. A failure to do so could potentially lead to complications should a dispute with a landlord arise in the future.