Landlords have reported a typical void period of only 2.7 weeks for the second quarter of this year, the lowest level seen for two years.
A survey by Paragon Mortgages shows that the new figure - down from 2.8 in quarter one of this year - is possibly heading towards the lowest level ever recorded by the firm's quarterly survey, when voids averaged just 2.5 weeks back in late 2002.
There was a sharp increase during the depth of the downturn, in 2009 and 2010, whenthe average period spiked at 3.5 weeks in the first half of 2010.
Traditionally, over the course of Paragon's 12 year landlord survey, the average void period has been between 2.6 and 3.0 weeks.
Paragon's director John Heron says that the diminishing void average shows properties are being rented quickly, and the letting process is increasingly well-managed by agents and landlords alike.
It's likely that we may see the average time a property is empty decrease even further in the coming quarters he forecasts.
Comments