Vacant periods continue falling in buy-to-let sector

Landlord Expert
By Landlord Expert December 2, 2010 13:09

The length of vacant periods in Britain’s buy-to-let sector continued to decline, according to figures released by LSL Property Services, suggesting that demand for rental homes remains high in much of the UK.

LSL found that the number of days or weeks that residential rental properties remained unrented declined by 15 percent over the course of the past year and this ended up saving private sector landlords 12 percent in potentially lost income. Approximately 65 percent of landlords responding to an LSL Property Services study indicated that void periods do not tend to exceed two consecutive weeks each year. An additional 18 percent of residential landlords noted that their typical void period this past year lasted for around four weeks. Over the past 12 months, landlords with void periods of two weeks or under lost £319 in rental income. The current average monthly rent stands at £691 per month.

Tom Entwistle, a buy-to-let specialist and the director of the LandlordZone website, noted that the high demand for properties very much works in the favour of Britain’s landlord and keeping a unit rented has much to do with offering a well-maintained, clean and appropriately priced flat or house to prospective tenants. Each neighbourhood and cross-section of tenants has different accommodation needs, so it is important for landlords to know their target clientele, especially if they are to avoid void periods.

LSL noted that the relative lack of financing options for landlords have kept the supply of properties lower than tenant demand.

Landlord Expert
By Landlord Expert December 2, 2010 13:09

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