British landlords experienced 2-year low void periods in 2014

British landlords experienced 2-year low void periods in 2014

Landlords in the UK saw lower void periods in 2014 as the amount of time that their properties sat empty on average fell throughout the year, according to the latest report released by Paragon Mortgages. 

It said that throughout the year void periods were low, but they hit two-year lows in the December quarter of 2014 when they dipped as low as 2.6 weeks with more and more people looking to rent. 

According to Paragon, this reading was markedly down on the 2.8 weeks that were recorded at the same time last year, and added that this latest reading for 2014 now means that void periods have not hit more than 3.5 weeks at any time on average for the past 13 years. 

At a time when the property market is in such a strong position - sales have been rising for almost two years - we would expect to see the rental market suffer somewhat. However, if the past year has shown us anything it's that the modern British property market has ample space for both rentals and sales remaining strong.

And landlords across the UK should also see their void periods falling even further in the next few months, if experts are to be believed. Since the turn of the year, it has been predicted that uncertainty surrounding the result of the general election in May could mean the number of people looking to buy homes falls, with rentals spiking subsequently. 

"Although void periods have fluctuated slightly over the past year they have continued to remain low, peaking at 2.8 weeks," said John Heron, managing director of Paragon Mortgages. 

"It is encouraging to see that in the fourth quarter of 2014 void periods reduced to the lowest point recorded since 2012, only slightly above the lowest average void period reported by our research at 2.5 weeks," he pointed out.

In addition to this, Paragon said that the market's position now shows that landlords are more savvy about how they practice. While there have been high numbers of new landlords coming into the private rented sector in the past few months and years, the fact that void periods are falling shows that they are becoming far more knowledgeable and subsequently better at renting out their properties.