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TODAY'S OTHER NEWS

BTL landlords in the north of England more likely to face void periods

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 

 

Location

 

Void incidence

(%)

North East

54

North West

54

York and Humber

48

Outer London

42

Inner London

41

Wales

40

East of England

39

East Midlands

38

West Midlands

35

Scotland

33

South West

33

South East

28

 

 

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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    Now there is a series of statements which in the words of Basil Faulty are a statement of the bleedin obvious.
    Why do these non news items appear in this publication treating agents and landlords as idiots. Let's see some constructive and informative news items instead of this drivel please.

  • Colin Lillicrap

    Paul
    An important piece of news for landlords is that the Minimum Energy Efficiency Standards (MEES) came into force on 1 April. From that date leases on properties with an EPC rating of F or G cannot be extended or a new lease let until improvements have been made to achieve an EPC rating of E or better. For more information go to www.claenergy.solutions/mees

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