A leading buy-to-let lender that undertakes a survey of landlords every three months, reports that overall void periods are reducing. The survey covers market trends that landlords are experiencing amongst the annual void period when rented homes remain empty.

The survey reports that in the second quarter of this year, that the average void periods experienced by landlords has fallen from 2.8 weeks and now stands at 2.7. This is the lowest level reported in the preceding twelve months and the last time this occurred was in Q2 2012.

During 2009 and 2010 void periods were at their highest when it jumped up to 3.5 weeks in Q2 2010.

The lender says that over its 12 year survey  the average void period was between 2.6 and 3.0 weeks and its lowest of 2.5 weeks occurred in Q4 2002.

 

The real positive besides the fall, is that there is only a difference between the lowest and the highest void periods of less than a week.

Managing Director of the lender, John Heron said: “What we have seen over the last 12 months is a downward trend in average void periods reported by landlords. This is encouraging as it means properties are being let quicker, which is better for landlords and better for prospective tenants.

“With there being just a week’s difference in the highest and lowest void periods recorded this suggests that properties are being rented quickly, and that the letting process is managed well by both landlords and letting agents. As tenant demand is continuing to remain high, it is likely that we may see the average time a property is empty decrease even further in the coming quarters.”

 

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