13:27 PM, 6th April 2011, About 10 years ago
Buy to let homes are standing empty for less time as demand from tenants continues to hot up.
Landlords can expect rental home voids of just 2.8 weeks a year –down from 3.5 weeks compared with a year ago.
The figure is the lowest since the first quarter of 2009, according to buy to let lender Paragon Mortgages.
The buy to let study also revealed around 45% of landlords have voids – times without a tenant – of less than two weeks a year, while a third (34%) have voids of three to four weeks.
The lender claims tenant demand has increased over the past two years as would-be buyers have had difficulties in raising a mortgage.
Nigel Terrington, Paragon chief executive, said: “We would expect the average void period to remain low during 2011 as a growing number of tenants compete for property in the private rented sector.”
To assess the true cost of your void periods and to analyse your Portfolio please see our Number Crunchers.
Meanwhile, increased tenant demand for rental property is seen as an opportunity that is encouraging competition between buy to let mortgage lenders.
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