Void Periods Fall to 13 Year Low
Private sector landlords are offering good value for money and providing a better service in an effort to keep tenants in their properties for longer.
Specialist mortgage provider, Paragon Mortgages has found that the average annual void period of rental accommodation in the UK has dropped to its lowest level since 2002, to just 2.4 weeks in the first quarter (Q1) of 2015. This is the lowest figure since Paragon introduced its annual survey of landlord customers 13 years ago.1
Void periods in Q4 2012 were an average of 2.6 weeks and average void periods in January 2014 were 2.8 weeks. This is 14% higher than Q1 2015.1
A void period is the length of time between one set of tenants moving out of the rental property and a new set moving in. It includes the amount of time it takes for landlords to prepare the home for new renters. This period can cost landlords, as empty properties are still charged Council Tax by most local authorities.
The UK is still experiencing strong tenant demand due to a lack of rental properties on the market. This could be down to landlords keeping their tenants for longer periods.
Even before the general election campaigns highlighted the importance of secure tenancies, private sector landlords have been working to keep their tenants happy and offering longer agreements.