Average rents rising in most of England as void periods fall
Average rents in London jumped by 8% between August and September, taking the average rents in the capital from £1,684 to £1,829 per month, the latest lettings index shows.
Rents also increased by 8% in the West Midlands to 779 and by 12% in the South East to £1,187while elsewhere there was a more mixed picture, according to the Goodlord rental index.
The South West saw a modest decline of 3% to £1,088, average rents in the North West were down by 5% to £755.
But in the North East rents dropped strongly by 17%, moving from a 2019 high of £897 in August to £745 last month. However, this was still higher than the region’s year to date average.
Wales also recorded a significant decline, with rents decreasing by 15% from £780 to £662, the lowest average rental cost recorded across the whole of the UK during 2019 so far.
But it was good news for landlords with void periods up in seven out of the eight regions with only London bucking the trend. Void periods in the West Midlands more than doubled month on month, moving from 15 days in August to 34 in September, taking the region back to rates seen earlier this year.
The shortest void periods in September were recorded in the North East, where it took just 10 days to fill an empty property in September. In London, void periods reduced across the month, dropping from 14 days to just 11 in September.