The latest quarterly survey by buy-to-let specialists Paragon Mortgages revealed that 2014 ended with the lowest recorded void periods of the year. Their Private Rented Sector Trends survey, which has been tracking landlord confidence and views on the buy-to-let market since 2001, reported an average void period per year of just 2.6 weeks in Q4 – the lowest recorded since Q1 2012.
2014 began with an average void period per year of 2.8 weeks, dipping to 2.7 weeks in Q2, returning to 2.8 in Q3, before dropping considerably in the final quarter.
Since the survey began in 2001, void periods in the private rented sector have remained low, averaging between 2.6 and 3 weeks over 13 years. The lowest recorded void period was 2.5 weeks in the final quarter of 2002. The highest was recorded during the peak of the financial crisis, reaching 3.5 weeks in Q2 2010.
John Heron, Managing Director of Paragon Mortgages said: “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. This is positive news for landlords and, as tenant demand continues to rise, it is possible that void periods may decrease even further in 2015.”