The latest Goodlord rental index shows a buoyant lettings market over the past month.
March brought a boost in average income for tenants in most regions with the biggest rise in the North West where tenant incomes increased by 12 per cent from £19,609 to £22,022 on average.
The East Midlands, Greater London, North East, and South West also recorded increases. The South East saw a very slight 0.5 per cent decrease, but the only sizeable reduction in average tenant income was recorded in the West Midlands.
Each region monitored by Goodlord saw a rise in the average cost of rent during March, the first time the index saw such a uniform increase across England since July 2020.
The largest shift was seen in the East Midlands, where rents rose by 3.2 per cent. This was followed by the South East, up 2.3 per cent. The West Midlands, South West and North West all recorded increases of under one per cent. Greater London and the North East saw increases of between one and two per cent.
The average cost of a rental property in England is now £885 per property per month. This has risen from £872 in February.
Meanwhile the average void period in England remained at 21 days during March, marking no change on the February average.
The picture was slightly choppier in the individual regions.
The East Midlands, the North East, North West and South East all saw falls in the average void period. However, voids increased in the South West and the West Midlands.
“As we start the process of lockdown easing, the rental market is particularly buoyant. It’s really encouraging to see tenant salaries start to increase and for average rents to be holding firm, along with voids” says Tom Mundy, Goodlords’s chief operating officer.
“There are still uncertainties on the road ahead, particularly for agents and landlords handling student lets, but the underlying strength of the rental market is clear from the latest figures and we expect to see a strong summer of activity” he concludes.
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