Rents rise across England despite winter slowdown

Rents rise across England despite winter slowdown

0:03 AM, 5th December 2023, About 7 months ago

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Rents have increased across England by 7.3% compared to November 2022, despite the onset of the winter season, a leading rental index reveals.

The latest report from Goodlord shows that the average price per property in November 2022 was £1,087, while the current figure is £1,166 – a £79 rise.

The firm also says there are significant regional variations in the rental sector, with some areas seeing much higher increases than others.

The North West saw the biggest year-on-year change, with rents rising by 11% compared to last November with an average rent of £1,021.

‘The market has changed over the last 12 months’

Goodlord’s chief executive, William Reeve, said: “Whilst month-on-month patterns continue to follow the predicted seasonal ebbs and flows, the year-on-year data highlights how much the market has changed over the last 12 months.

“Rents are up by over 7% compared to November 2022, reflecting the intensity of demand the market has experienced since then.”

Goodlord also says that other regions that saw big rent rises of 7% or more are the East Midlands, North East, South East, South West and West Midlands.

The only region that has seen a slight decrease in rents is Greater London, where the average rent has dropped by 0.4% year-on-year.

Rents fell between October and November

The firm’s rental index also tracks the monthly trends in the sector, and it reveals that rents fell between October and November by 1.8%.

The average rent for new tenancies is £1,166, down from £1,187 in October.

This follows a long-established pattern of rents dipping slightly between October and November, which has been observed but the index for five consecutive years (2019-2023).

The regions that have seen almost no movement in rents during November are the East Midlands, South East and West Midlands, with changes of less than 1%.

Biggest change in rent prices

The biggest change in rent prices was recorded in Greater London, where rents have fallen by 4% month-on-month.

However, this follows a period of price escalation in the capital, which has now returned to the levels of June and July.

The report also shows that the average void period has increased slightly from 18 days in October to 20 days in November, an 11% increase – the same average seen in November 2022.

The majority of regions have seen little change in their void periods compared to October, except the South East, which has reduced its average from 18 days to 17 days.

The most notable changes have occurred in Greater London, where the average has increased from 12 days to 16 days, and the South West, where the average has jumped from 16 days to 26 days.

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