Landlords in the North of England hit by voids more than in rest of the country
More landlords with property in the North of England experienced a void period in the past three months than in any other UK region according to new research.
Some 53% of landlords with property in the North East and North West of England both experienced a void in the last quarter, according to the latest findings from the UK Association of Letting Agents (UKALA).
The research also show that the UK average for void periods is 35%, which has crept up slightly from 33% from the previous quarter.
At the other end of the scale, 28% of landlords in the South East experienced a void over the same time period, the lowest of any UK region. While in London 42% of landlords had a void period.
The research reveals that while the majority, some 63% of voids, were due to natural tenant changeover, some 31% were due vacating the property to carry out essential maintenance or refurbishments.
It also shows that 25% of voids were due to challenges finding replacement tenants, 15% caused by a limited demand in the area where the property is located and 14% due to tenants no longer able to pay their rent.
‘There are a number of reasons why landlords experience a void, but it’s important to know that agents are here to help and support them when it comes to re-letting property,’ said Richard Price, UKALA director.
‘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,’ he added.