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Agency claims over 20% of landlords wait four months for first tenant

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.

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    ....................One up and running, ...................!!!!!!!!!!!!!!!!!!!1

    Come on Graham, the last paragraph has a typo. I think it should read ONCE up and running.

    Get a grip and proof read your stories. A good and competent reader (with typeset copy) reads it upside down and backwards so maybe try this approach next time.

  • Roger Frith

    I don't know where these agents are, but here have no problem letting everything within couple of weeks, as such a shortage of property but a large demand from tenants. Suggest look at rents too high and also fees too high.!!!

  • David OConnor

    Complete nonsense!

    Where an investor is buying you just need to make arrangements for access for tenant viewing prior to exchange and do not exchange until you have you tenant lined up.

    Also their should be no voids as long as you market as soon as you know when it will be available.
    If the landlord or agent is experience there should be no voids.

    If the Landlord wishes to use a cheap option them they can and will have problems!

    Lettings is a complex business and if you pay peanuts you get ..........!



  • Kristjan Byfield

    Voids due to refurbishment isnt really a story and, other than that, Landlords averaging a 1 month void a year is very worrying. Sounds like those Landlords need a new agent!

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