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Void Periods fall

from "UK Landlord" magazine, March 2008

The average period a property stands empty has fallen as tenant demand strengthens, according to research from buy-to-let specialist lender Paragon Mortgages.

The research shows that during the last quarter of 2007, the average void for private rented property had dropped from 3 weeks per year to 2.9 weeks per year. Of the 200 landlords surveyed, four out of ten (42 per cent) said that the average void period on their properties is two weeks or less.

This marks an improvement on the same period in 2006, when 37 per cent of respondents said their average void period was below two weeks.
Void periods fell throughout 2007 and this trend looks set to continue through 2008 as a weak property market spurs tenant demand. John Heron of Paragon Mortgages believes this research could indicate a good year ahead for landlords: "We expect void periods to continue to fall this year as tenant demand continues to grow.

As well as continued demand from rising numbers of students and immigrants, potential home buyers are delaying purchasing decisions and choosing to rent instead." David Salusbury, Chairman of the NLA, reacted positively to the news, saying this was "Good news for landlords and tenants alike.

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