APRIL 11, 2018 | BY A & S Property
Agents can help reduce rental void periods, claim UKALA
Void periods are inevitable. But no landlords wants to experience excessive or lengthy void periods as that can significantly impact the viability of their investment, and that is why it is important that buy-to-let investors adopt a strategy to minimise the risk of lengthy void periods, and that means investing in areas where there is solid demand for rental property.
Void periods are the most pressing concern for buy-to-let landlords. Costs can start to mount when a property remains vacant.
Fresh research by the UK Association of Letting Agents (UKALA) has found that landlords in the north of England typically experience the lengthiest void periods in the UK.
The trade association representing residential letting and managing agents in the UK says that landlords with property in the North of England experienced a void period in the past three months than in any other UK region.
Some 53% of landlords with property in the North East and North West of England both experienced a void in the last quarter. The findings also show that the UK average is 35%, which has increased marginally from 33% from the previous quarter.
At the other end of the scale, 28% of private landlords in the South East experienced a void over the same time period, the lowest of any UK region.
Meanwhile, 42% of landlords in London had a void period, according to the findings.
Experience of voids by region
Natural tenant changeover, vacating the property to carry out essential maintenance, challenges finding replacement tenants, limited demand in the area, and tenants no longer able to pay rent, are all among the primary causes for void periods.
However, a reliable letting agents can often also speed up the rental process and help landlords save hundreds of pounds in potentially loss rental income, according to UKALA.
Richard Price, director of UKALA, said: “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.
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