The location of your buy-to-let property may dictate whether you have a period of time without tenants, new research has revealed.
The research found that 53 per cent of landlords with property in the North East or North West of England experienced a void period in the last three months, the highest of all the regions in the UK.
They were followed by the York and Humber at 48 per cent, greater London at 42 per cent and central London at 41 per cent, according to the findings by the UK Association of Letting Agents.
It compares to an average of 35 per cent for the UK, which up from 33 per cent in the previous quarter.
Also above the national average is Wales at 40 per cent, the East of England at 39 per cent, the East Midlands at 38 per cent and the West Midlands at 35 per cent.
By contrast, the area with the lowest percentage of landlords who experienced a void period during the past three months is the South East. It saw just 28 per cent fall into this category.
The remaining regions - the South West and Scotland - saw 33 per cent of landlords experience a void period during the past three months, which is just below the average for the UK.
The research also revealed that the majority of voids - at 63 per cent - were due to natural tenant changeover.
However, other reasons include vacating the property to carry out essential maintenance and refurbishments at 31 per cent, challenges finding replacement tenants at 25 per cent, limited demand in the area at 15 per cent and tenants not being able to pay their rent at 14 per cent.
It’s important to note that having a comprehensive landlord insurance policy in place can help minimise the risk of such events causing void periods.
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22 June 2020 • 9-minute read
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