New figures from the National Landlords Association, supplied by research consultants BDRC Continental, show that void periods for rental property remain high but have stabilised.
In March 2010, 52% of landlords had experienced voids in the previous 12-month period. Although still posing a threat to landlord portfolios, this figure is a reduction from 55% during the last three months of 2009. The data also showed that the average duration of voids dropped from 19 days to 17 days.
Despite a marked increase in tenant demand and a reduction in supply as ‘reluctant landlords’ are able to sell up, there is still only a slight improvement in rental voids.
The strategy adopted by landlords for covering voids continues to vary depending on portfolio size. Although larger landlords are most able to offset the costs of voids with rent from other properties, 43% of landlords claimed to use personal savings to plug the shortfall in meeting mortgage repayments.
David Salusbury, chairman of the NLA, said: “No landlord likes void periods. They can end up being very costly indeed. Although incidences of voids have leveled off
