The number of void periods occurring across the UK housing market has dropped significantly over the last 18 months, according to the latest research from Paragon Bank, and have now reached their lowest levels in five years.
Over the last three months, from a survey of 800 landlords, 25% reported having empty rental properties.
According to the findings, the decline was the result of a drop in the number of landlords with six or more properties, indicating one of their properties had been vacant recently.
Wales had the most voids, with 39% of landlords in the region reporting at least one of their properties was empty.
Elsewhere, the South West and South East of England had significantly lower voids (23%).
“With sustained strong tenant demand and the constrained supply seen in both the rental and purchase markets, it comes as little surprise that void periods have reached a five-year low,” says Paragon Bank mortgages managing director Richard Rowntree.
“This reinforces our belief that policy designed to support home ownership, which we support, should be carefully considered so as not to be at the detriment of a private rented sector that is evidently as important now as it’s ever been,” he adds.
Central London was the region with the highest number of voids in the third quarter of last year, with 68% of landlords operating in the area recording a void period. Today, central London sits below the national average in terms of voids, with just 24% of landlords reporting empty properties over the last three months.
“Put simply, we need more homes and achieving this will require an approach that sees all tenures viewed as solutions, with each catering to a diverse mix of people are different stages of their lives,” adds Rowntree.