Letting agents fill void periods faster than landlords
Research by the Deposit Protection Agency (DPS) suggests that renting properties through a letting agent could considerably shorten void periods.
The statistics reveal that letting agents find tenants for 63% of properties within two weeks compared to 38% of properties rented directly by the landlords. The exact cost to landlords is not recorded however online letting agent Upad.co.uk estimated the cost of void periods could be up to £3 billion a year.
Two of the ten worst areas for empty properties were in Lancashire and areas in Surrey, Essex and Hampshire were also badly affected. In some areas 50% of rental properties have been empty for more than three months. There are 762,000 vacant homes in England with many of them in a poor state of repair and the owners unable or unwilling to sell them.
Kevin Firth, Director at DPS said, “Many landlords market their properties very effectively but the evidence we have compiled in the past two years demonstrates clearly that there is more they can learn to try to decrease void periods.
“In the current market- where demand for rental property far exceeds supply- there is no excuse for allowing properties to remain dormant and not earning income.”