Some 21 per cent of landlords wait four months or longer from purchasing their buy to let property before signing up their first tenant, according to research from a large letting agency chain.

Harrison Murray Lettings undertook the research for its parent company, the Nottingham Building Society. 

Although some 53 per cent of landlords secured a tenant within two months of their first investment property purchase, the survey also revealed that set-up costs for landlords now costs around £2,000 per buy to let property – making it important for a tenant to be found quickly.

Around 62 per cent of those questioned said they had to redecorate or refurbish before letting out with 28 per cent saying the work took two weeks or more, adding to the initial void period.

Once up and running, the average void period for HMLettings’ landlords was one month a year – but an encouraging 45 per cent encountered no voids at all in the past 12 months.