Buy-to-let landlords are seeing a steady fall in the number of weeks each year privately rented properties stand vacant, Paragon Mortgages has revealed.
Strong tenant demand, driven by increases in the number of students, immigrants and single person households, have helped pushed the average 'void period' down to just 2.8 weeks, the lowest level in more than a year, data revealed.
Downward pressure has also derived from affordability issues in the buyers' market with the rising cost of borrowing, the mortgage firm suggests.
"Private rented property … offers young people an affordable alternative to home purchase," commented John Heron, Paragon Mortgages' managing director.
"As interest rates have increased, many young people have chosen to stay in rented accommodation for longer," he added.
In a recent survey, Paragon Mortgages found that 63 per cent of residential property investors said that they were expanding their buy-to-let portfolios in response to stable or growing tenant demand.
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