According to research by Paragon, undertaken by BVA BDRC which surveyed 800 landlords, rental voids peaked at 39 per cent in Q3 2020, but now sit at just around one in four landlords in Q4 2021.
The report said that the decrease was due to portfolio landlords, defined as those with six or more properties, reporting fewer properties remaining vacant.
Landlords in Wales reported the greatest incidence of rental voids, with 39 per cent of landlords facing at least one empty let.
This compared to the South West and East of England, which had the lowest incidence of rental voids at 23 per cent respectively.
Landlords in London reported a strong recovery, going from a high of 68 per cent in Q3 2020, which was the highest of any region, to 24 per cent in Q4 2021.
Richard Rowntree (pictured), mortgages managing director for Paragon Bank said: “With sustained strong tenant demand and the constrained supply seen in both the rental and purchase markets, it comes as little surprise that void periods have reached a five-year low.
“This reinforces our belief that policy designed to support home ownership, which we support, should be carefully considered so as not to be at the detriment of a private rented sector that is evidently as important now as it’s ever been.”
He added: “Put simply, we need more homes and achieving this will require an approach that sees all tenures viewed as solutions, with each catering to a diverse mix of people at different stages of their lives.”
