20
Dec
Landlords finding tenants faster
Landlords are filling tenant vacancies faster as demand for rental
accommodation increases, according to new data.
Of 140 landlords polled by the buy to let lender Mortgage Trust,
three out of ten said their property was vacant for less than a
week before they found a tenant.
Meanwhile, a further 40 per cent said they had let their vacant
property within one and two weeks.
Conversely, the number of landlords who took more than two weeks to
find a client dipped by 42 per cent from the previous
quarter.
This brought the average time landlords take to find tenants down
from 16 days to just 13 days.
John Heron, managing director of Mortgage Trust, said: "The vast
majority of professional landlords know their local area well and
have a good understanding of the level of appetite for rental
properties within it - they invest wisely and make good
returns."
He added: "All our research, and indeed research from other bodies
such as RICS, shows that there is very strong tenant demand for the
right properties - particularly family homes and terraced houses.
With property prices moderating, I expect yields to rise over 2008
- this is a good environment for the professional landlord to
expand his portfolio."
