According to recent findings from the UK Association of Letting Agents (UKALA), the majority of landlords who have experienced void periods in the last three months own property in the North of England.
The Landlords Panel Survey for quarter four of 2017 shows that the North East and North West showed the joint highest experience of void periods, at 54%. The lowest is the South East at 28%, closely followed by the South West and Scotland at 33%.
The overall average for the UK is now 35%, seeing a slight rise from the previous quarter’s result of 33%.
Voids can be experienced for various reasons, such as limited demand in an area, the current tenants no longer being able to pay rent, or even a struggle to find suitable replacement tenants. The vacation of a property in order to carry out essential maintenance or refurbishments has ranked as a high reason within the survey, at 31%. However, the research has shown that the majority of voids were due to natural tenant changeover, at 63%.
Richard Price, Director of UKALA, has said: “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.”
It is also worth considering obtaining cover that protects you from void periods as part of your insurance. Here at Just Landlords, our Unoccupied Property Insurance offers just that, catering for a whole host of scenarios.
The sooner you agree on a tenancy, the sooner your income will return to normal, allowing you to keep up with mortgage repayments and any other financial obligations. What you don’t want to do is rush into a tenancy agreement blindly and end up with ‘nightmare tenants’. This is where it comes in handy to find yourself an agency that understands the importance of signing up reliable replacement tenants as swiftly as possible.
Price has also commented: “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.”