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Average void period in rental properties decreases

Thursday, 7 April 2011 3:53 PM

The average rental property in the UK now stands empty for just 2.8 weeks before new tenants move in, according to buy-to-let specialist Paragon.

During the first quarter of 2011, most rental properties stood empty for less than 20 days between the former tenants moving out and the new ones moving in.

In the second quarter of 2010, it took 3.5 weeks – about 25 days – to fill empty homes.

"Many people choose private rented accommodation as a lifestyle choice because it gives them flexibility and convenience," said Paragon chief executive Nigel Terrington.

"But private rented property also offers people an attractive alternative to house purchase."

For nearly half of all landlords (45 per cent), void periods last no longer than two weeks, while a further 34 per cent see between two and four weeks of lost earnings annually.

However, this time can also prove useful, as it gives landlords an uninterrupted opportunity to make any repairs and carry out maintenance work.

For many, renting will seem an attractive option compared to buying as the Halifax House Price Index yesterday showed a 0.1 per cent monthly increase in sale prices on residential properties.

Over the year, though, the average UK home has dropped in price by 2.9 per cent, potentially making ownership more realistic for some people.

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