Landlords enjoy lowest void periods since 2002

Thu 26 Mar 2015

A landlord hands over keys to a new tenant at the start of their tenancy

Are you thinking about letting out a property? If so, you can do so in the utmost confidence.

That is because new figures show void periods in the private rental sector are now at their lowest point at any time since 2002.

Paragon Mortgages has carried out a survey of a panel of landlords for 13 years and the average void in the first quarter of 2015 - which was just 2.4 weeks - is the shortest since it started compiling the statistics.

As a landlord, minimising void periods is crucial, as these are the times in which you will not receive any rental income.

Being able to let a property safe in the knowledge that voids are becoming less frequent and shorter can inspire confidence that you will enjoy the very best return on your buy-to-let investment or on an existing property you have opted to let out.

High tenant demand across the country is the primary reason behind the trend, with couples, families and young professionals clamouring to rent quality properties in many towns and cities.

Indeed, 42 per cent of landlords surveyed by the mortgage company suggested they felt tenant demand was growing or booming, while 54 per cent said it is stable at its current level.

The average void period of 2.4 weeks is down from a figure of 2.6 weeks recorded in the final quarter of 2014 and means the length of time landlords in the UK are experiencing voids has decreased by 14 per cent.

If the latest results have given you the confidence you need to let out a property or to make a buy-to-let investment, contact your local Leaders branch today for expert advice and local market insight.