1 Dec

Void period for buy to let properties drops

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.ADNFCR-1222-ID-800266311-ADNFCR

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