Void periods in rented property fall to all time low

A few years ago the void period in the private rented sector, was likely to be anything from 4 – 6 weeks.

However, with the continued stagnant sales market, and the boyant lettings sector taking up the slack with most agents, the void period one would expect is now a matter of days and in some cases hours.

Properties in the more desirable areas of Bristol are only vacant for the length of time it takes to fill out the necessary paperwork, with many being taken within hours of being marketed.

The most popular properties at this time being 1 and 2 bedroom properties, as either families or young couples downside, awaiting a more favourable sales market.

Speaking to propertytalklive.co.uk, lettings expert Caroline Kavanagh explained: "Contrary to reports of the average void period for a rental property being nearly 60 days, we are finding that demand for most rental properties is so high that their availability is virtually non-existent, only coming to the market long enough for the property to be turned around and let out again, thus leaving little or no void period at all.

Adding, Kavanagh told buytonet.co.uk: "However, it is frustrating that in a market which is seemingly rosy in comparison to the rest of the economy, statistics can give the wrong impression yet in truth, a London market will paint a very different to one in other areas of the UK.

Kevin Cox founder of Bristol letting agents igloolets.com said “The demand in London remains high, and regions do vary, Bristol is not London. However, agents do need to be on their toes to turn properties around fast. There is just is not enough property coming onto the market at the moment to match the demand and currently we don’t see any signs of this situation changing in the immediate future