Mortgages  

Low property void time helps BTL landlords

The average annual void period has dropped to its lowest level since 2002, helping buy-to-let investors maintain yields on their properties, research by Paragon Mortgages has revealed.

The specialist buy-to-let mortgage lender surveyed a panel of landlord customers for 13 years, and the average void period reported in the first quarter of 2015 – 2.4 weeks – is the lowest since the survey began.

In the last quarter of 2014 the average void period was 2.6 weeks, and comparing the first quarter of this year against Q1 2014, the length of time a landlord has experienced a void has fallen by 14 per cent from 2.8 weeks.

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Landlords have been reporting low or falling void periods since 2013, with only a slight fluctuation in mid-2013 when the average climbed marginally to three weeks.

John Heron, director of mortgages for Paragon, said: “Void periods have been consistently low for some time, which is not unexpected when you also look at what landlords are telling us about the level of demand from tenants.”