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Ultra-low voids still normal in buy to let sector
The average void period for landlords over the past three months has been just 2.6 weeks – the lowest in 2014 and continuing a record run of low-void activity in the rental market.
Void periods have not risen beyond an average of 3.5 weeks over the past 13 years now, according to Paragon Mortgages.
The specialist buy-to-let lender’s Private Rented Sector Trends survey, which tracks landlord confidence and views on the buy-to-let market, reported an average void period per year of 2.6 weeks in Q4 of 2014.
At the same point in 2013, the average void period per year was 2.8 weeks. This remained the same in Q1 2014, it dropped slightly to 2.7 weeks in Q2 and returned to 2.8 weeks in Q3.
The lowest recorded void period was 2.5 weeks in Q4 2002, and the highest at 3.5 weeks in Q2 2010, which was during the peak of the financial crisis.
“The low average void periods we have seen over the past year, and in previous years, reflects the strong and growing demand we have seen for private rented property together with effective property management by landlords and letting agents in renting out properties” explains John Heron, Paragon’s managing director.
