Private Rental Sector Void Periods and Rent Arrears
UK private rented sector landlords are reaping the rewards of the development of specialist products and services designed to ease the burden for landlords and the UK lettings industry.
According to data from the National Landlords Association (NLA), private rented sector void periods have fallen to their lowest level in over 12 months, with only 33% of landlords experiencing vacant periods in the last three months. The figures are down 13% when taken year on year.
However, there are significant variations at a regional level:
- Voids are greatest in the North-East of England where 54% of landlords have experienced empty properties within the last three months
- Void periods are lowest in London where only 20% of landlords have experienced empty rental property over the same time frame.
- The average duration of a typical PRS property being empty (void) has reduced from 69 days recorded last year to just 60 days.
In the UK, tenants in severe rent arrears dropped by 9% during the latter half of last year to stand at 41% in the last 12 months.
David Salusbury, chairman of the NLA, said: “It is in every landlords’ business interest to maintain good, long-lasting tenancies and avoid voids. At a time when demand far outstrips supply, it is imperative that empty properties are filled quickly, following any necessary maintenance and improvements.”
Market leading companies, such as Legal 4 Landlords have spent a great deal of time, effort and resources developing and refining a vast array of specialist products and services to help landlords avoid rent arrears, including comprehensive tenant referencing, landlord insurance and rent guarantee insurance, as well as continuing to lead the market with their specialist tenant eviction service.
Sim Sekhon, spokesman for Legal 4 Landlords said: “Landlords want to protect their rental income and get the best services they can in order to ensure that their rental income stream remains intact, that is why Legal 4 Landlords have spent so much time and effort developing the very best resources to allow them to do so. Our solutions are cost effective and provide landlords with the necessary peace of mind to allow them to operate without worrying about the tenant’s financial circumstances changing and not being able to get the rent paid.”
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