The Paragon Mortgage’s Private Rented Sector Trends survey, which tracks landlord confidence and views on the buy-to-let market, reported the lowest void periods in the final quarter (Q4) of 2014.
The leading buy-to-let mortgage lender’s quarterly landlord survey says the average landlord’s void period for Q4 was 2.6 weeks, the lowest reported figure since Q1 2012. The equivalent figure for Q4 2013 was 2.8 weeks.
According to a report by Emma Lunn in mortgagesolutions.co.uk void periods have remained low over the period of the survey, averaging between 2.6 and 3 weeks since 2001.
The lowest recorded void period was 2.5 weeks in Q4 2002, and the highest at 3.5 weeks in Q2 2010, which was during the peak of the financial crisis.
John Heron, managing director of Paragon Mortgages, had 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 Q4, 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.”
Last week, Paragon reported a 58.4% year-on-year increase in buy-to-let lending in the first quarter of its financial year beginning October 2014. Paragon’s lending volumes rose from £140.2m to £222.1m year-on-year.
Paragon Mortgage’s Private Rented Sector Trends Survey, Reports Lowest Void Periods in (Q4) 2014 – http://t.co/o9I6lCrcww
— LandlordZONE (@LandlordZONE) January 28, 2015