Private Rental Property Void Periods Continue to Fall

13 March 2012 Categories: News

Private Rental Property Void Periods Continue to Fall

The latest quarterly survey conducted by the buy to let specialist, Paragon Mortgages, has shown that the average void period experienced by landlords within the private rental sector has decreased for the third year in a row.

Landlords that took part in the 2011 Q4 PRS Trends survey reported that their properties stood empty between lease agreements for an average of just 2.8 weeks. This figure is down on the average for 2010 (3.2 weeks) and on the average for 2009 (3.3 weeks).

This reduction in average void period is mainly due to the increased demand for good quality private rental accommodation that has been seen over the last few years. At present there are thousands more tenants looking for suitable properties than there are properties available, and this trend is unlikely to change any time soon.

Managing Director of Paragon Mortgages, John Heron, said about the results of the latest survey, “The decrease in the average void period can be attributed to the surge in demand we have seen for private rented property in the past 12 – 18 months. Tenant demand has increased at a rate never experienced before so it is positive that rental properties are being let quickly and there is less of a gap between tenancy agreements.”