Northern landlords top voids list
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 findings from the UK Association of Letting Agents (UKALA).
Fifty three per cent 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 per cent, which has crept up slightly from 33 per cent from the previous quarter.
At the other end of the scale, 28 percent of landlords in the South East experienced a void over the same time period, the lowest of any UK region; while in London 42 per cent of landlords had a void period. A full regional breakdown can be found below.
The research shows that while the majority (63 per cent) of voids were due to natural tenant changeover, other reasons included:
- Vacating the property to carry out essential maintenance/ refurbishments (31 percent)
- Challenges finding replacement tenants (25 percent)
- Limited demand in the area (15 percent)
- Tenants no longer able to pay rent (14 percent).
Richard Price, Director of UKALA, says:
“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.
“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.
“UKALA agents have the experience and customer-base to get good tenants into homes fast, which will be particularly beneficial for landlords with larger portfolios who may be more likely to experience a tenant-related void.
“We can do the leg-work in finding new, suitable tenants, which takes the hassle away from landlords and helps to ensure they can focus on maintaining a steady income.”
Share by: Suzanne Muth – suzanne.muth@landlords.org.uk
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