11:29 AM, 10th April 2018, About 5 years ago 1
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).
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 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. A full regional breakdown can be found below.
The research shows that while the majority (63%) of voids were due to natural tenant changeover, other reasons included:
– Vacating the property to carry out essential maintenance/ refurbishments (31%)
– Challenges finding replacement tenants (25%)
– Limited demand in the area (15%)
– Tenants no longer able to pay rent (14%).
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.”