Editor's note: This brief was summarised by The Property AI Team from a report by The Negotiator. Read the original article for full details.
Void Period Costs for Landlords Rise Sharply Across England
Void periods between tenancies are now costing landlords more than 50% extra compared to a year ago, according to new research by property management firm Rushbrook & Rathbone. The average cost of a void period in England has increased by 12.9% over the past year, rising from £1,005 to £1,135.
The research found that the average void period currently lasts 24 days. The West Midlands saw the largest increase in void period costs, with a rise of 52.9%. London recorded the highest overall cost per void period at £1,252, despite having one of the shortest average vacancy periods in England at 16.6 days.
Rushbrook & Rathbone’s research highlights that landlords continue to face ongoing expenses such as mortgage payments, insurance, service charges, and maintenance obligations during void periods, even when properties are unoccupied. The findings suggest that even relatively short void periods can significantly impact landlords’ overall returns, especially as costs and compliance requirements increase across the sector.
The research used ONS rental data and average void period figures supplied by Goodlord.
Source: The Negotiator