Void periods continue to decline
As such void periods are now at the lowest level since the second quarter of 2012.
John Heron, managing director of Paragon Mortgages, said: “What we have seen over the last 12 months is a downward trend in average void periods reported by landlords.
“This is encouraging as it means properties are being let quicker, which is better for landlords and better for prospective tenants.
“With there being just a week’s difference in the highest and lowest void periods recorded this suggests that properties are being rented quickly, and that the letting process is managed well by both landlords and letting agents.
“As tenant demand is continuing to remain high, it is likely that we may see the average time a property is empty decrease even further in the coming quarters.”
The change it fortunes is welcome news for landlords who experienced a sharp increase in voids during 2009 and 2010 where the average period spiked to 3.5 weeks in Q2 2010.
Traditionally, over the course of the 12 year landlord survey, the average void period has been between 2.6 and 3.0 weeks.
The lowest average reported was 2.5 weeks in Q4 2002.