According to the Nottingham Building Society, about 21% of Buy to Let landlords do not secure a paying tenant within four months of completing their investment purchase. 53% waited for two months and the average void period was one month after completion.
The housing market has been an obvious casualty of the Coronavirus lockdown. Yet the desire to move is strong, once the decision has been made. Indeed, as soon as the government announced that people could once again move house, Rightmove buyer enquiries doubled within 24 hours. They were even 4% higher than the same day last year!
It has been reported that one in eight landlords does not have landlord insurance! Whilst most landlords will of course have regular buildings insurance, covering subsidence, storm damage, flooding etc, some policies do not take account of a property being let. In fact, some insurance can be invalid if the insurer has either not been informed that the property has a tenant, or if the insurance specifically excludes tenancies.
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