Rents continue to fall as market cools down

England’s private rented sector (PRS) saw rents continuing to soften in November, with average prices dipping nearly 3% month-on-month, Goodlord reveals.

Its rental index reveals that the average monthly rent in England fell to £1,205 last month, a £33 drop from October’s £1,238.

All regions saw a second consecutive month of rent falls last month.

The North West saw the largest price drop, with rents falling nearly 6% to £966.

The South West, which experienced a 24% drop in October, continued its downward trend with a 4% decrease in November.

The market is settling down

The firm’s chief executive, William Reeve, said: “November’s rental index figures are confirmation if it were needed that the market is settling down as we head into the winter months.

“While October’s statistics were certainly more eye-catching, rents on new tenancies continued to fall this month and year-on-year price increases have again softened.”

He added: “While demand remains consistently high, this less frenzied period of activity will hopefully give agents a welcome breather as they get ready for a seismic 2025 – when the Renters’ Rights Bill becomes law.”

Average void periods extended

As tenant demand eases, average void periods extended from 19 days in October to 21 days in November.

This is close to the year-to-date high of 22 days in January.

After a 2% increase in October, average tenant salaries dipped 0.8% in November, from £37,997 to £37,688.