Void periods fall to under three weeks a year

The average void period of private rented sector property has fallen for three consecutive quarters on the back of strong levels of tenant demand.

According to research by buy-to-let mortgage specialist Paragon, the average annual void period recorded in the first quarter of 2011 stood at just under three weeks.

This figure has steadily declined from a high of 3.5 weeks recorded in the second quarter of 2010. The current figure, 2.8 weeks, is at its lowest since the first quarter of 2009.

According to Paragon's research, nearly half of landlords (45%) experience a void period of less than two weeks a year, with 34% experiencing voids of between two and four weeks.

Nigel Terrington, Paragon Group chief executive, said: "We would expect the average void period to remain low during 2011 as a growing number of tenants compete for property in the private rented sector."

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