Buy to let homes are standing empty for shorter periods between tenancies, according to a new report.
The average void period each year for buy to let properties is now just 18.2 days a year, says buy to let lender Paragon Mortgages.
The lender says the figure has not been this low since the first quarter of 2012, but has hovered just above the current figure for several months.
John Heron, managing director of Paragon Mortgages, said: “Although void periods have fluctuated slightly over the past year they have continued to remain low, peaking at 2.8 weeks.
“It is encouraging to see that, in last quarter of 2014, void periods reduced to the lowest point recorded since 2012, only slightly above the lowest average void period reported by our research at 2.5 weeks.
“The low average void periods we have seen over the past year, and in previous years, reflects the strong and growing demand we have seen for private rented property together with effective property management by landlords and letting agents in renting out properties.
“This is positive news for landlords and, as tenant demand continues to rise, it is possible that void periods may decrease even further in 2015.”
Another survey by PropertyLetByUs claims only 4% of landlords have any real concerns over void periods.
Landlords should also remember the void statistics put forward by Paragon are just an average and only apply to the small number of landlords on the firm’s research panel.
The figures will differ between regions and even streets and neighbourhoods in the same town depending on property location, condition, rent asked and tenant demand.
Buy-to-Let Homes are Standing Empty for Shorter Periods Between Tenancies, According to a New Report. – http://t.co/8CtE3eBgAj
— LandlordZONE (@LandlordZONE) January 30, 2015