Poll
Rise in tenant demand sees property void period plummet
Soaring tenant demand for property rental has resulted in void periods hitting a two year low.
According to research carried out by buy-to-let mortgage specialist Paragon, landlords have seen the length of time their properties remain vacant decline over the past two years, reaching the lowest period since the first quarter of 2009.
The void period is the length of time a property is unoccupied by a tenant, which is declining as a result of increased demand for rentals.
The average annual void period recorded in the first three months of 2011 stood at 2.8 weeks. This figure has steadily declined from a high of 3.5 weeks recorded in the second quarter of 2010. The recent research reveals that the ‘void period’ has reached the lowest quarterly figure since 2009.
The research found that 45 per cent of landlords experience a ‘void period’ of less than two weeks annually, with 34 per cent of landlords seeing their properties empty between two to four weeks.
These periods when the properties are vacant give landlords the opportunity to carry out essential maintenance work.
Nigel Terrington, Paragon Group Chief Executive, says: “Many people choose private rented accommodation as a lifestyle choice because it gives them flexibility and convenience. But private rented property also offers people an attractive alternative to house purchase, which remains out of reach for many, and renting has grown significantly over the past 12 months.
"The demand for rented properties has increased significantly since the recession as a direct result of mortgage inaccessibility and the unwillingness of banks to lend.
“We would expect the average void period to remain low during 2011 as a growing number of tenants compete for property in the private rented sector,” he said.
Many people have turned to privately rented properties as home ownership has become increasingly unattainable.
In addition to greater numbers of economic migrants and single person households, greater pressure has been placed on the property rental sector.
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