It has been reported this month that the average void period experienced by landlords is falling. Voids refer a period of time where a property is empty, with no tenants and therefore no rent coming in. The current UK average void period is 2.7 weeks, and has been consistently dropping over the last 12 months. This is obviously fantastic news for the property market as it demonstrates that there is currently a high demand for rental properties which does not appear to be likely to diminish any time soon.
Despite the concerns around the price of property, the rental market is stronger than ever, with more and more people choosing to rent rather than buy. While the rental market used to be made up of groups of young professionals, students and recent post-graduates, this has now expanded to include couples and families of all ages. This has been mirrored in the consistently low average void period statistics over recent years. Even at the highest since the survey began, the average was only 3.5 weeks (in 2010) – exactly one week more than the lowest average of 2.5 in 2002. These consistently low figures over a significant period of time support the current belief that buy-to-let property investment is still one of the most reliable investments available.
And better still, the North West is the best place to do it. With London saturated with overseas investors and property prices through the roof, many savvy investors are moving their money up north. Property prices are reasonable, and northern cities contain some of the most popular universities in the country, bringing in thousands of students every year who all need a place to stay. Additionally, due to the recent developments in cities such as Liverpool and Salford, more and more professionals are moving up north due to company relocations and employment opportunities.
Of course, with popularity comes competition – which is where Mistoria can help. Our buy-to-let investment properties are all renovated to Mistoria’s 5* standard and benefit from our in-house team of expert tradesmen. This means that you can be sure that our properties will be completed to the highest specification, on time and with a professional finish. Our furnishings team is also available for quality furniture packages. Contact us to find out more on 0800 500 3015 or send us an email at firstname.lastname@example.org.