1
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.