Rents and voids rise across England

Rents and voids rise across England

0:06 AM, 1st February 2024, About 4 months ago

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The cost of renting a property in England rose by 7% year-on-year in January 2024, with the average monthly rent now £1,154, up from £1,076 in January 2023, one rent index reveals.

According to the Goodlord’s data, rents increased by 1% month-on-month in January, following a strong December for the market.

The North West saw the largest year-on-year rise with 9%, compared to the same time last year.

The East Midlands had the smallest year-on-year difference, but rents still went up by 5.5% in the region.

‘We don’t expect to see huge market movements’

Goodlord’s chief executive, William Reeve, said: “We don’t expect to see huge market movements in January; the pace of new tenancies tends to take a few weeks to pick up post-Christmas.

“So, to see this uptick in month-on-month rents – as well as the consistently sizeable year-on-year rises – is a sign that the market isn’t cooling down anytime soon.”

He added: “In addition, with a new burst of activity on the sales side of the housing market, we could start to see some interesting effects on the lettings side in the coming months which could bring additional turbulence.”

The biggest month-on-month change in rents

Greater London recorded the biggest month-on-month change in rents, with a 1.9% increase in January 2024 and the average rent in the capital is now £1,968 – nearly double the national average.

Rents in London have broken the £2,000 mark for three consecutive months between August and October 2023, but fell below it over the winter.

The only region that saw a month-on-month fall in rents of more than 0.5% was the North East, where rents dropped by 1.5%.

The average rent in the region is now £839, which is the lowest in England.

Void periods increased

Goodlord also reveals that void periods increased from 20 days in December 2023 to 22 days in January.

However, this is still lower than the 23-day average recorded in January 2023.

The East Midlands had the longest void periods in January, with 28 days, while Greater London had the shortest, with 18 days.

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