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0:05 AM, 5th January 2024, About 4 months ago 2
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Landlords in England saw rents rocket by nearly 9% last year, and several rent records were broken in the summer, one leading rent index reveals.
According to Goodlord, rents rose by 8.8% to an average of £1,182 – in 2022, the average rent was £1,086.
However, the highest rents were seen from July to September, with a surge past £1,300, marking a first in the private rented sector as tenants vied for limited rented home choices.
Goodlord says that July saw a peak of £1,367 per home, compared with £1,239 in the preceding year.
Goodlord’s managing director of insurance, Oli Sherlock, said: “It’s been a rollercoaster year for the market, with rents ending the year significantly up compared to 2022 figures.
“We’ve seen first-hand the unprecedented levels of demand for rental properties, as a growing tenant population has come face-to-face with the entrenched supply and demand issues facing our housing market.
“The lettings industry has striven to keep pace with this demand, as evidenced by some of the historically low void periods we’ve seen throughout 2023.”
He added: “Many agents will have been catching their breath over December, but it’s looking like 2024 will be another year of high rents, escalating demand and ongoing regulatory changes which will keep the whole market on its toes.”
Rents in London outpaced all regions, with September’s rents reaching an unprecedented £2,275 – compared with the £2,055 in September 2022.
The North East offered the most economical options, averaging £874, while Greater London’s average rent was £1,974.
The analysis reveals that December’s rents grew by 7% compared to the same month in the year before, averaging £1,147.
Despite this, a customary decline in activity over the festive period led to a 1.7% fall in England’s rents compared with November.
Outside of the capital, Greater London recorded the highest rents last month at £1,932, whereas the North East had the most affordable rents at £853 – a significant 50% disparity from rents in London.
Goodlord also reports that void periods mirrored the previous year’s average of 20 days in December.
However, July set a new benchmark for England, reducing the average void to just nine days.
Landlords in the North East experienced the shortest void with an average of six days in July.
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Martin Roberts
16:22 PM, 5th January 2024, About 4 months ago
I don’t think this headline is helpful.
'Landlords see rents soar by 9%’.
As though landlords caused this.
That’s been inflation, and many landlords have not increased rents by anything like that.
Do we see ‘Supermarkets see prices soar by 9% (and more), as though that’s all profit?
Old Mrs Landlord
10:08 AM, 6th January 2024, About 4 months ago
My personal headline would be "Landlords with interest-only tracker mortgages see their payments rise by 283% in last two years." Not quite so snappy but equally true, though never mentioned when rent rises 10% of that figure hog the headlines. A vague mention of rising interest rates as one reason for landlords selling is the best we can hope for.