According to new research residential landlords have seen the average annual length of time their properties are without a tenant drop to its lowest level since 2002 reports propertywire.com
It also showed that the void period for the first quarter of this year was 2.4 weeks compared to the same time last year which averaged at 2.6 weeks.
Director of mortgages John Heron, for Paragon Mortgages who carried out the survey, said “‘Void periods have been consistently low for some time, which is not unexpected when you also look at what landlords are telling us about the level of demand from tenants,”
The good news for landlords in the private sector is that the survey also highlights that 42 per cent of those surveyed in the first quarter of this year said that demand for rented accommodation was flourishing. Heron added: “The housing market is currently experiencing a shift, with more people choosing to live in the private rented sector. This is supported by the figures released this month by the English Housing Survey which show 4.4 million households are now privately rented, compared with 3.9 million households in the social rented sector. This change in housing dynamics appears to be a continuing and long term trend”.
Should you experience a break between tenants then you may like to check your insurance policy for the length of time such void periods are covered, and what restrictions may be imposed or requirements you need to comply with during or after this time. Click4quote.com provides residential landlords insurance hich includes continuous cover should the property become unoccupied for up to 30 consecutive days. For more information about our landlord insurance call us on 01206 655899 or go to our website and get a quote online today.