London and South East see record rents in September

Renters in London and the South East saw record-breaking rent rises in September, one rental index reveals.

According to Goodlord, the average rent in England was £1,346.28 last month, a slight decrease of 91p from August.

However, this figure masks the regional variations that occurred during the month.

London and the South East were the standout performers, with both regions breaking new records for rental costs.

Londoners are now paying £2,275 per property, a 6% rise from August and the first time the index has recorded a figure above £2,200 for the capital.

‘September didn’t bring the nationwide bump in rental prices’

Goodlord’s chief executive, William Reeve, said: “Whilst this September didn’t bring the nationwide bump in rental prices we saw last year, records were smashed across London and the South East – with rental costs there now significantly higher than their 2022 and early 2023 levels.

“The onset of autumn typically brings a period of stability when it comes to prices, but with pressures on the market more intense than ever, we doubt September represents an end to the cycle of price setting which we’ve seen over recent months.”

The South East also surpassed the £1,500 mark for the first time, with an average rent of £1,524, a 2% increase from August.

These regions have seen rental costs soar by 16% and 14% respectively since September 2022.

Regions that saw modest increases in rents

Other regions that saw modest increases in rents were the North West and the West Midlands, both up by 1%.

The rest of the regions experienced decreases, with the East Midlands, North East, and South West seeing the biggest drops of 3%, 2% and 2% respectively.

The overall cost of rent in England is now 8% higher than the same time last year, driven by strong demand for rental properties across the country.

The Goodlord index also shows that void periods remained low in September, with an average of 14 days across England, up by one day from August.

High demand for rental accommodation in the capital

London saw the largest improvement in voids, down by 9% to 10 days, reflecting the high demand for rental accommodation in the capital.

The North East continued to have the shortest void periods in the country, at nine days, while the West Midlands had the longest, at 22 days.

The data also indicates that tenants moving in September had lower incomes than those moving in August with the average salary of a tenant in England falling by 4.5% to £35,386.

Share This Article