The Department of Communities and Local Government announced it would be holding a “mortgage lenders summit” where participants “will consider how to make it easier for landlords to offer longer tenancies”.
The move was announced along with wider measures to protect tenants in the private rental sector.
It also plans to set out a timetable for the introduction of a model tenancy agreement to help landlords offer tenancies of three years or more.
Communities and Local Government secretary Eric Pickles (pictured) said the proposals would raise the quality of rental accommodation: “These measures will also give tenants the know-how to demand longer-term tenancies that cut costs and meet their needs.”
However, a Council of Mortgage Lenders spokeswoman stressed long-term tenancies were already on the agenda: “Lenders are very aware of this issue.”
She said lenders awaited further evidence of market demand: “There needs to be an appetite on the part of landlords for these tenancies.”
In June, Nationwide’s buy-to-let lending arm The Mortgage Works loosened criteria to allow landlords the option of arranging longer-term tenancies.
Other government measures include forcing letting and property management agents to join a compulsory redress scheme, publishing a new code of practice for the management of rented property and empowering councils to protect tenants.
