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UK landlords experiencing a 13 year low regarding void periods
The length of void periods experienced by residential landlords in the UK has fallen to its lowest level since 2002, according to new research.
Void periods are the length of time between tenancies, with Property Wire reporting that these stood at an average of 2.4 weeks during the first quarter of 2015, analysis from Paragon Mortgages shows.
In comparison to the fourth quarter of last year, it can be seen that void periods have shortened slightly, falling from 2.6 weeks.
Average void periods have been decreasing in length since 2013, perhaps due to landlords working more closely with letting agents to ensure their properties do not stay empty for too long.
When measured against the January to March period of 2014, the length of time privately rented homes have been unoccupied has decreased by a total of 14 per cent.
Director of mortgages at Paragon John Heron commented: "Void periods have been consistently low for some time, which is not unexpected when you also look at what landlords are telling us about the level of demand from tenants."
The buy-to-let mortgage firm also questioned residential landlords on the subject of tenant demand, finding that 42 per cent have experienced growth in this over the past three months, while 52 per cent stated that it had remained stable.
Mr Heron explained that both this increase in demand and the shortened average length of void periods could be attributed to more and more individuals choosing to live in private rented accommodation.
He quoted this month's English Housing Survey, which revealed that 4.4 million properties in the UK are now rented privately - a figure significantly above that of the social rented sector, which includes some 3.9 million homes.
Mr Heron added: "This change in housing dynamics appears to be a continuing and long-term trend."