After an encouragingly buoyant summer period for the letting sector, there are growing signs that the rental market is starting to stabilise in key regions across the UK.
The latest rental index from Goodlord reveals that a number of regions are enjoying lower void period, while rents have stabilised.
The UK average for void periods stood at 18 days during October, with five out of the eight regions monitored by Goodlord seeing void averages drop or remain steady.
The most dramatic fall in void periods is in the West Midlands, with average void periods dropping from 34 days in September to 20 days in October.
The East Midlands and Wales also saw a drop in void periods, moving from 20 to 17 days and 23 to 10 days respectively. Void periods across the South West (18 days) and the South East (19 days) remained unchanged month-on-month.
In contrast, the North East saw the most significant shift after a positive September, with void periods in the region increasing from 10 to 25 days, taking it just above the region’s year to date average of 22 days.
The South East also saw a shift, moving from 14 to 25 days. The impact was smaller in London, where a jump from 10 to 14 days was recorded.
The research also shows that UK rents are now much closer to their 2019 year-to-date average of £920 per calendar month.
Every one of the eight regions monitored by Goodlord saw a decrease in average rents last month, with decreases ranging from 3% to 19%.
The South West saw the biggest shift, with average rental costs dropping by 19% during October - moving from £1,088 to £881 per property per month.
The average age of UK renters was 34 in October, the highest recorded all year. The oldest renters are living in the South East and Wales (35 years), with the youngest in London and the North West (32 years).
Tom Mundy, COO at Goodlord, said: “After a fantastic summer for lettings followed by a more tempered start to the Autumn, the rental market is starting to stabilise in key regions across the UK.
“The numbers indicate a return to consistency across void periods and rental prices, although this is being felt at different rates depending on the region.
“Overall, void periods are generally below or on par with annual averages, and average rents across most areas of the UK are returning to expected levels.”