British landlords are experiencing shorter void periods according to a new survey by Paragon Mortgages.
The specialist lender said that:
- Average void periods now stood at 2.7 weeks, and that void periods this low have not been seen since 2012; when high demand is thought to have kept average void periods down.
- During the economic crisis void periods were at their longest for years, particularly between 2009 and 2010. A high of 3.5 weeks was witnessed in 2010’s second quarter.
The Paragon survey has been carried out every quarter for 12 years. The shortest void period was 2.5 weeks, registered in 2002, while the overall average is 2.6 weeks.
While the data underlines the improving market conditions for landlords, experts at Paragon point out that the difference between the longest and shortest recorded average voids is just one week.
The results of the survey means properties are being let quicker, which is good news for landlords and suggests that demand is high among would-be tenants; and possibly that the properties on the market are especially suitable for their needs. Factors likely to be helping increase yields for landlords.
Remember though that averages are just that. Make sure you know what your landlord insurance says about void periods and ensure you meet any requirements to maintain cover in full force. Typically, property unoccupied for more than 30 days would be subject to certain preventative measures being in place.