Void periods are steadily falling, along with rent arrears.
According to the National Landlords Association, void periods have fallen to their lowest level in over a year, with only 33% of landlords experiencing vacant periods in the last three months, down 13% year on year.
At a regional level, however, there are significant variations: voids are greatest in the North-East of England where 54% of landlords have experienced empty periods in the last three months and lowest in London where only 20% of landlords have experienced voids over the same time frame.
The average duration of a void has reduced to 60 days, down from 69 last year.
Fewer landlords are reporting rental arrears – 41% in the last 12 months, down 9% year on year.
David Salusbury, chairman of the NLA, said: “It is in every landlords’ business interest to maintain good, long-lasting tenancies and avoid voids.
“At a time when demand far outstrips supply, it is imperative that empty properties are filled quickly, following any necessary maintenance and improvements.”
For its research, the NLA conducted 824 online interviews.
Article courtesy of Landlord Today