Landlords Doing More To Avoid The Voids

Friday, April 24, 2015

PRS Void periods drop to 13 year low

PRS Void periods drop to 13 year low

PRS Void periods drop to 13 year low

Research conducted by a specialist mortgage lender has discovered that many UK private rental sector landlords are offering greater value and providing more than just a roof over someone’s head in an attempt to keep tenants in their rental properties for longer.

The annual survey of a panel of its landlord customers by Paragon Mortgages has been conducted over the past 13 years, and this year they have found that the average annual void period of rental properties in the UK private rental sector (PRS) has fallen to its lowest level since 2002, falling to an average of just 2.4 weeks in the first quarter of 2015, the lowest since the survey came into being.

Void periods in the final quarter of 2014 were recorded at an average of 2.6 weeks and average void periods in January 2014 were 2.8 weeks, 14% higher than the first quarter of this year.The average void period is defined as the length of time between one lot of tenants moving out of a rental property and a new lot of tenants moving in and the length of time it takes to repair and maintain property between tenants can also cost landlords more than they had expected as empty properties still have council tax liabilities that must be paid in most local authority areas.

Tenant demand for rental property is still incredibly strong in many UK regions, thanks in part to the lack of available rental properties on the market, and this in part is down to landlords going that extra mile and making sure that they have protected not only their own interests, but those of their tenants too.

Even before all the political rhetoric surrounding the regulation of the PRS and the importance to tenants of security of tenure was bandied about during the general election campaigning, savvy PRS landlords have been providing tenants with more security of tenure than ever before, thanks to the development of specialist products and services that provide peace of mind for both tenants and landlords alike.

Tenants can protect their hard saved deposits from expensive deductions to cover potentially expensive repair costs by taking out tenant liability insurance for just £60 per year, coving property damage to fixtures and fittings up to the value of £2,500 (GBP), even if the damage caused was accidental, providing landlords with the peace of mind knowing that any property damage will be covered.

Landlords who complete the necessary tenant referencing and background checks on tenant applicants can also take out rent protection insurance to ensure that the rental income will continue to be paid even if the tenants circumstances change and they are unable to meet their rental obligations.

Landlords have been reducing the length of time of void periods by offering tenants greater security and the development of specialist insurance products makes renting property form savvy landlords the preferred choice for most tenants.

Smart landlords use every available product and service that protects the interests of themselves and their tenants – Discover the wide range of specialist products and services offered by the UK’s leading supplier to the lettings industry – Legal 4 Landlords

This was written by Mike Clarke. Posted on at 11:30 am. Filed under Insurance. Tagged , , , , , , , , , , , , , , , , , , , , , , , , , , . Bookmark the permalink. Follow comments here with the RSS feed. Both comments and trackbacks are currently closed.