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Good news for landlords as rental market shows no winter slowdown

Landlords fearing a fall in income and a rise in voids over the festive period have nothing to fear - it appears the lettings market is still in full swing, despite winter.

According to the latest index from PropTech supplier Goodlord, voids held steady month on month and rents also stood firm during December, as the strong demand continued across the country. 

The average void period for a rental property in England remained at 18 days last month, the same as the average figure recorded for November. 

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There was some more variation in the individual regions. 

High demand for available properties in the South West saw a 21 per cent drop in voids last month, with averages moving from 23 days to just 18. The West Midlands also enjoyed a reduction in voids, falling from 21 days to 16.

Demand was more subdued in the East Midlands, however. Voids jumped from 16 days in November to 22 days in December - a sharp increase of 37 per cent.

Greater London, which was gripped early by the Omicron crisis, also reported a slow down. Voids in the capital increased by 23 per cent from 13 days to 16. 

The South East, North West, and North East saw voids saw minimal shifts in their void averages. 

Encouragingly for the sector, rents also held firm throughout December. The average cost of a property in England even rose slightly compared to November prices, rising from £980 to £985.

Rents were steady across every region monitored. 

The highest shift was seen in Greater London, which recorded a slight rise in prices of 2.2 per cent. The biggest drop was seen in the South East, where prices reduced by 1.5 per cent during December.

The highest rental price averages are still found in Greater London (£1,671) and the lowest in the North East (£716).

 

Goodlord also measures demographics and says typical tenant salaries were also steady month on month, moving from £26,819 in November to £26,794 in December, a difference of just £25. 

The average age of a tenant remains 34 years, unchanged since August 2021.

“We normally predict a cooling of activity in December, as less people are looking to move during the holidays, so these numbers are very interesting. Demand and costs remained virtually unmoved compared to November. It’s a strong indicator of just how hot the lettings market is right now” explains Tom Mundy, chief operating officer of Goodlord.

“Competition for properties is high and tenants are securing them as soon as they can. All signs point to a very busy year for agents and all agents should be preparing accordingly if they want to capitalise on the ongoing demand.”

Want to comment on this story? If so...if any post is considered to victimise, harass, degrade or intimidate an individual or group of individuals on any basis, then the post may be deleted and the individual immediately banned from posting in future.

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    I had 11 viewings yesterday and more coming today, so far 5 say they want it, all working, there's a real shortage of properties to rent in Norwich so no need to take on anyone on benefits, homelessness on the rise again.

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    Andrew congrats’ Amazing really where are they all coming from ?. I have to wonder where are they living now, not homeless so I presume the property they move out of will be available for letting also not extra property created but movement of Renter’s. Looks like you have a very good property at a reasonable rent well located, a better deal and value for money than what they currently enjoy.

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    Some move up from flats, some from broken relationships, and some moving for work, but I do agree it is amazing where they all come from, Norwich and Norfolk is a nice place to live and work that could have a lot to do with it.

     
  • George Dawes

    Alan Partridge certainly agrees !

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    Maybe Partridge lived in a pear tree better no c/tax. Seriously though 11 viewings in a day. I never took more than 3 bookings for a day although before buy to let Mortgage’s and computers I could easily have a dozen enquiries in a day, a far better choice of people too they would come from all over London back then just one add in London Evening News Paper or Standard (before loot) it was usually gone on day one and to be fair I didn’t want them sometimes doing a long tube journey on a wild goose chase. Far less Benefit claimants if any turned up, just young enthusiastic people eager to work, no unmarried mothers enquiring, no split up partners the word wasn’t invented, no Divorcing to get the State to Rear & House your family not like now Dad goes fee never the question of any commitment. On the other hand no Big Companies doing letting I used often let to Blue Chip Companies to house their Staff, also no LL with 50 or 300 houses which I think is disgusting. Society gone to the dogs now with entitlement generation, you’d hardly ever hear of a murder or or stabbing back then now rampant because of a spoilt brat entitled youth generation.

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    There was a time going back to the 80s and 90s when I would rent a property to the first person who wanted it, very often I lived to regret that, so now I give it a few days to see who's interested then whittle them down to a short list , I don't like turning good people away but now more than ever before we have to be very selective, who's to blame for that ? the government and Shelter etc of course.

     
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