Landlords enjoying fewer and shorter void periods
No landlord likes to see their property empty – it means there’s no income coming from it - so recent figures bring good news.
According to a new survey the number and duration of void periods have decreased. Of the 1000 landlords questioned, 34 per cent had experienced at least one void period during the last three months of 2013, down by 2 per cent against the previous quarter (July – September).
The average length of time a rental property is empty for has dropped to 59 days in Q4 2013 against 64 days in Q3 and 69 days in 2013.
Rob Denman, Head of GW LET, comments:
“Void periods can be very costly for landlords. Not only are they not bringing in any money but landlords are then liable for any costs including mortgage repayments, energy bills and, following a change to allowances, potentially even council tax so it’s encouraging to hear fewer landlords are experiencing empty properties and for a shorter amount of time.
“Minimising the length of time a property sits empty ultimately boils down to good communication. If your tenants are on a fixed tenancy, don’t wait until a few days before to see what if they intend to stay or move on. Speak to them about a month or so before – that way you’ll have a sufficient time to find new tenants.”
Content correct at time of publication