Jul

LATEST: Tenant demand for property ‘extremely strong’ says latest index

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The lettings market saw a 30% drop in voids last month alongside an 8% rise in average rents.

Goodlord’s latest Rental Index for June reveals the average void period in England is now 16 days, down from 22 days, with month-on-month decreases seen in nearly all regions.

The South West and North East both saw a huge 50% drop while the South West moved from 18 days to just eight and the North East dropped from 30 days (May’s highest rate) to 13 days.

The only region to see an increase in void periods was the West Midlands – from 18 days to 23 days – after the region experienced a particularly busy May.

Double digits

Landlords in every region were also able to increase rents during June. The North East and the South West both recorded growth of 11% and 10% respectively, with all other English regions seeing a boost.

The West Midlands recorded a very marginal 0.05% rise in rents. The average rent for a property in England is now £932, an 8% increase on May’s figure of £885.

Tom Mundy, COO at Goodlord, says trade is brisk country-wide and tenant demand is extremely strong, with increasing numbers of people looking to move as the remaining restrictions are lifted.

“Rents are at levels we’d expect to see during the summer,” he adds.

“In fact, average rents were higher last month than June 2019, pre-pandemic, showing that the lettings market has continued to go from strength to strength despite the turbulence of the last 16 months.”

Read advice on voids.

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