Property industry insiders are debating the benefits of long term tenancy agreements for tenants and landlords caught up in the turmoil of the current economic climate.
The discussion has been sparked by the appearance of Mike Goddard, the CEO and founder of the letting agency Belvoir, on the BBC2 Money Programme. Goddard claims that long-term tenures provide the necessary security for both tenants and landlords.
However, Caroline Kavanagh, Letting Operations Director of Townends estate agents, disagrees. “I can’t see this happening as the risk of long term tenancies is too great. Right now tenants and landlords need as much flexibility as possible in an ever changing market.”
Property solicitor David Briffa of London firm Child & Child agrees with Kavanagh. “This is an interesting idea. However, I am not sure it would take on here, at least not in the current economic climate.”
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