Property news by: David Taylor
Landlords should not be deterred by reports on void periods, claim Townends Estate Agents. National statistics averaging period voids should not be confused with regional statistics. Townends who cover London, Hampshire and Surrey are experiencing virtually no rental voids, with some properties rented out within 24 hours.
As rents have increased to record highs, Townends suggest that tenants are tending to downsize, demanding smaller properties, which reflects their income and is more achievable.
In-fact the demand for one and two-bedroom properties in the private rented sector are being snapped up instantly. Townends Group Lettings Director, Caroline Kavanagh said: “Contrary to reports of the average void period for rental property being nearly 60 days, we are finding that demand for most rental properties across our branch network is so high that their availability is virtually non-existant, only coming to the market long enough for the property to be turned around and let out again, thus leaving no void period at all.
“We have had instances of properties coming to the market 6-8 weeks before they are available and letting within twenty-four hours at the full asking price, if not more.”
As tenant-demand sweeps the Country, landlords cashing in on long-term investments are also experiencing higher yields and increasing rents from across the board.
“From experience, there simply isn’t enough property coming onto the market to match the demand, and this trend shows no sign of slowing. Excess demand could continue to drive rents up further leaving landlords who think long-term in a great position,” added Caroline.