4
Dec
Void period for buy to let properties drops .
The annual void period for buy to let properties has fallen as
demand for rental accommodation increases, a report has found.
Earlier this week, LSL Property Services revealed that the
amount of time that a buy to let property is left unoccupied fell
by 15 per cent over the last year.
While in October 2009 accommodation had no tenants for an
average of 36.4 days a year, this dropped to 30.9 days by October
2010.
The company also found that the amount of money lost by
landlords as a result of shorter void periods had declined by 12
per cent, saving buy to let owners £125 on average a year.
For two-thirds of landlords, properties to rent are only vacant
for two weeks over 12 months, at a financial loss of £319 per
year for each accommodation.
Rightmove forecast earlier this month that available buy to let
stocks will fall by 23 per cent over the next year, while 40 per
cent of tenants think charges will be higher in 12 months,
indicating that demand for rental accommodation will remain
high.