Over the weekend we heard in the news that Direct Line for Business had released information about how tenancy voids affect Landlords across the UK and highlighted the areas where Landlords are most affected by Tenancy Voids and those that least affected by the voids.
Cardiff came out on top of the list as the most affected as it saw tenants remaining in properties for 11 months on average and in contrast Birmingham was mentioned as the place where tenants were most likely to stay, with average time in tenancy being 2 years and 4 months.
Many people may look at this news and dismiss it, but it is quite important to realise how tenancy voids affect landlords. Landlords with larger portfolio’s may find absorbing the costs of voids easier to do, but accidental landlords with one property or landlords with smaller portfolios may find it hitting their pockets harder.
From our personal experience of tenancy voids we find it an inconvenience because in addition to having to find a new tenant, and losing rental income, you also have to pay for extra expenses including standing charges on electricity and gas meters, empty house insurance and in some areas you are liable for full council tax rates (although some do offer free rates or reduced rates depending on where you live)
The least amount of time our property is empty the better and this can be said for all landlords… No landlord wants an empty house do they? But articles like this may for good reading as if you are looking to invest, then you may be more inclined to select an area where your tenants stay longer, unless of course you don’t mind the voids!
To read the article in full please visit the Daily Mail Website