28th
Feb 2025
A London based lettings agency claims landlords are having to face a 19% increase in revenue losses from void periods compared to last year.
Latest figures from the lettings agency reveals that in certain parts of England these losses have surged by as much as 65%. The findings also indicate that the average duration of void periods has risen from 22 days to 24 days.
Meanwhile, the average monthly rent has climbed by 8.9% year-on-year reaching £1,375.
The average void period now costs landlords in England £1,085 and In the North West, the length of vacant property periods has risen by 10 days, reaching an average of 30 days. However, rental values in the region have grown by 9.8%, equating to an additional £79 per month.
The average rental income loss caused by void periods has risen to £876, marking a massive 65% increase compared to a year ago.
In London, landlords have faced the second-highest annual rise in void-related rental income losses which have grown by 36% and now amount to an average of £1,611.
A spokesperson for the lettings agency, says: “Void periods have long been a thorn in the side of the nation’s landlords, but it’s an inevitable reality when operating within the private rental sector.
“However, there’s been a considerable increase in both the time and rental income lost to void periods over the last year, and this is a worrying trend that could well continue with the Renters’ Rights Bill on the horizon.
“The switch to periodic tenancies over fixed-term contracts will enable tenants to jump ship with just two months’ notice, putting landlords back at square one with respect to finding a tenant and once again enduring the income lost due to a void period.”
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