On average void periods in rental properties have fallen to the lowest levels for 13 years.
A major concern for Landlords with rental properties can be the void period between tenancies. The void period is the length of time a property is left vacant between tenancies and any void periods will result in a lack of rental income for Landlords, which can be costly over time.
New research however shows that the average annual void period for residential landlords in the UK has dropped to its lowest level since 2002.
In a survey carried out by Paragon Mortgages the rental void period in the first quarter of 2015 was just 2.4 weeks on average.
Paragon has surveyed a panel of landlord customers for 13 years, and the current average void period recorded represents the lowest levels since the survey began.
The survey also found that in the first quarter of 2015 some 42% of landlords said in their view tenant demand was either growing or booming. 54% of landlords also felt demand was stable within the private rented sector and this follows the news that Buy-to-let mortgage valuations also rose by 41% in February.
Working to reduce void periods in rented properties is crucial for Landlords and lettings agents should take steps to try and protect their clients from this as much as possible.
Ryder and Dutton have a team of dedicated Portfolio Managers who liaise directly with our landlords to find a new tenant as quickly as possible, and make sure the property is in a suitable condition ready to let upon tenants leaving. We will always endeavour to advertise the property at the earliest opportunity to try and minimise any void periods.
If you have a rental property and would like further advice contact us on 0161 626 6800 to speak to our specialist rental department.