The most recent fall sees the average void level down to what it was in 2012 with high tenant demand credited with keeping the time a rental property is empty between tenancies low.
There was a sharp increase during 2009 and 2010 and the average void period spiked at 3.5 weeks in the second quarter of 2010.
Traditionally, over the course of the 12 year landlord survey, the average void period has been between 2.6 and three weeks. The lowest average reported was 2.5 weeks in the fourth quarter of 2002.
However, the firm explained that what is important here is that from its highest to lowest point there has only been just a week’s difference.
‘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,’ said John Heron, managing director of Paragon Mortgages.
‘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,’ he explained.
‘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,’ he added.
