27% of renters feel they were rushed into entering their tenancy agreement, according to research conducted on behalf of Ocean Finance.
The research indicates that 1.5m tenants (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 2-3 days, and a similar number said they signed the agreement between 4-7 days after the viewing.
18 to 24-year-olds are the most likely to act hastily when renting with 46% saying that they felt rushed into signing. In 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 4 in 10 saying so (40%). But renters in Northern Ireland also felt under the same amount of pressure, reflecting heat in its property market. By contrast, just 12% of tenants in Wales felt the pressure to sign.
Of those tenants that say they felt under pressure to sign their agreement, half say that they wish they hadn’t done so.
Ian Williams, Ocean’s spokesperson, 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.”
