According to the latest research,void periods in private-residential property have fallen to their lowest level in over a year, helped by strong and consistent tenant demand.
According to the latest Landlords’ Panel*, enduring tenancies are on the rise with only 33 per cent of landlords experiencing vacant periods in the last three months, down 13 per cent year on year.
At a regional level, voids are greatest in the North East of England where 54 per cent of landlords have experienced empty periods in the last three months and lowest in London where only 20 per cent of landlords have experienced voids over the same time frame.
Additionally, the average duration of a void has reduced to 60 days from 63 days in quarter three and 69 days earlier in 2012.
And there’s more positive news for landlords and tenants alike with rental arrears at their lowest level since March 2010.
41 per cent of landlords have experienced instances of rental arrears in the last 12 months, down nine per cent year on year and back to levels previously seen in quarter one 2010.