Void period on rental property in the United Kingdom (UK) Q4 2013 - Q3 2019

Void periods constitute an important measure for the private rental markets, as they are one of the major reasons for the loss of expected rental income. They require careful planning and budgeting, to keep the time when the property is not achieving profit to the minimum and to make sure that all necessary expenses are still covered during the void period. As these differ across cities, towns and regions, researching of historical data, reflecting trends of void periods for the local area is seen as a good way to get an understanding of long-term trends.

Void periods for landlords in the UK

Data from the end of 2013 till quarter three of 2018 shows that void periods in the United Kingdom (UK) were shortest as of the first quarter of 2015, counting 2.4 weeks on average. They grew in length to 2.7 weeks in the last two quarters of 2016 and have stayed at that time length up until the fourth quarter of 2017. As of the third quarter of 2019, the average void period for landlords in the private rented sector amounted to 3 weeks, the highest average during the period under display.

Landlords and the rental market

In light of the coronavirus (covid-19) pandemic, approximately 3.4 percent of current and active landlords in the UK reported an increase in void periods and 16.4 percent that they experienced a combination of prolonged void periods and affected rental income. As of the fourth quarter of 2019, landlords already had low confidence in achieving their quarterly goals. The share of those who were planning to sell properties from their portfolio in the coming year was twice as high as the ones looking to buy.