More buy to let investors operating in the North of England experienced void periods in the past three months than any other UK region.
New research from the UK Association of Letting Agents (UKALA) found that nearly 53 per cent of investors with property in the North East and North West of England experienced void periods in the last quarter. This is in sharp contrast to the UK average for void periods, which is 35 per cent. This has grown slightly from 33 per cent during the last quarter of 2017.
In contrast, 28 per cent of landlords in the South East experienced void periods over the same time. This was the lowest in any UK region. In London, a sizeable 42 per cent of landlords experienced a void period. Void periods are particularly troublesome for landlords, losing them an income that they rely on.
The research from UKALA reveals that while the majority of void periods, equating to 63 per cent, were due to natural tenant layover, a further 31 per cent were due to vacating the property to carry out essential maintenance or refurbishments.
It was found that 25 per cent of voids were due to challenges finding replacement tenants. 15 per cent were caused by a limited demand in the area where the property is located and finally, 14 per cent were due to tenants being no longer able to pay their rent.
UKALA director Richard Price spoke out about the findings: ‘There are a number of reasons why landlords experience a void, but it’s important to know that agents are here to help and support them when it comes to re-letting property. Other than to carry out important maintenance and refurbishments, void periods can be minimised by finding reliable replacement tenants quickly; something that agents are best placed to assist with.’
- Readers Rating
- No Rating Yet!
- Your Rating