27 Jun

Landlords enjoy quick re-letting periods

Landlords enjoy quick re-letting periods

New research shows that more landlords are able to re-let their properties before their existing tenants move out.

The study by Countrywide found the average property is being let in 32 days - the lowest figure ever recorded.

So far this year, 33 per cent of all new lets have been agreed while the property is still occupied – compared to 27 per cent in 2014.

Landlords are also enjoying higher rents, with the average monthly payment up by £35 a month. However, when properties are vacant, tenants are more able to negotiate on rent levels, with them capable of reducing rents by an average of £21 per month.

In London, the rental market remains strong, with 51 per cent of new lets are agreed where an existing tenant is still in situ - up from 41 per cent in 2014.

David Fell, Countrywide’s research analyst explained void periods are falling as demand remains high.

"While leaving some time for maintenance between tenancies is advisable, increasingly there’s just a matter of hours between a tenant moving out and one moving in. The buzz around a new property coming onto the market is usually the landlord’s best chance of securing the tenant willing to pay the most rent,’ he explained.

"In more competitive markets, the first tenant to view a home is often willing to pay a small premium to ensure the landlord takes the property off the market and that no further viewings take place. Proactive tenants who are looking to move quickly are frequently willing the pay the most."ADNFCR-1222-ID-801792792-ADNFCR

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