England’s rent prices set a new record

England’s rent prices set a new record

11:55 AM, 3rd October 2022, About 2 years ago 1

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Rents in England have broken records in September and have soared to the highest rate ever recorded by one rent index.

The finding from the Goodlord Rental Index also reveals that voids remain steady across the country as demand from tenants remains strong.

Their research shows that rental costs hit a new high in September – with the previous record of £1,238 being hit in July.

The average cost of rent for a property in England last month was £1,249.

Average rents are now 13.17% higher

That’s an increase of 1.8% compared to last month and means average rents are now 13.17% higher than a year ago.

Most regions saw an increase in the cost of rent, but a significant surge was recorded in London.

Average costs for Londoners tipped over the £2,000 mark for the first time with the cost of renting a home in the capital now sitting at £2,055 – a 6.7% jump up from August’s average.

The only regions to record a dip in costs were the North East where, following several months of higher than expected rental growth, September saw rental costs decrease by 6.7%, taking average prices down to £890.

Demand staying strong across the country

landlords are also seeing that with demand staying strong across the country, voids remain low.

However, no records were broken during September, with voids increasing slightly from 14 days in August to 15 days in September.

By comparison, in September 2021, voids were 17 days.

London saw a drop in voids – down from 11 days to just 9.

Whereas the South West saw a slower pace, with properties taking 17 days to change hands, up from 14 last month.

‘Another record-breaking month’

Tom Mundy, the chief operating officer at Goodlord, said: “This has been another record-breaking month for the market.

“Whilst we always expect August and September to be busy, we’re seeing rents break records for the second time in one summer and London has tipped over the £2,000 average threshold.

“These are truly significant benchmarks and demonstrate a red-hot rental market.”

He added: “What happens when this reality meets what’s on track to be a difficult winter for many remains to be seen, but agents and landlords must be prepared for demand to stay high, even as individual circumstances start to shift.”

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Accommodation Provider

10:15 AM, 8th October 2022, About 2 years ago

What is all the fuss about ? Inflation is 11% which is the same as rent increase. Very normal. Rents go up just like salaries, costs of goods services and labour. So dont talk of a rent freeze unless you also freeze everything else, mortgage costs and insurance cost and salaries of civil servants and politicians. Journalists take note please. Start writing about cost of bread increasing and that that needs to be frozen or nationalised.

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