Market slows, Voids up - but rent rises still hit dou...

The latest rental market index from Goodlord shows rents down over the past month, with voids inching up.

All seven English regions monitored by the Index saw a decrease in the average cost of rent during November. The cost of renting a property dropped by two per cent overall - going from £1,111 in October to £1,087 in November.

The biggest shift was seen in the North West, where a five per cent reduction in the cost of rent was recorded. Average prices dropped from £903 to £858 per month.

The smallest change was recorded in the South East, where rents moved by less than one per cent, reducing from £1,194 to £1,187.

Rental costs are now at their lowest since June this year. This follows a four-year trend of prices dropping between October and November in England, according to Index data, as winter sets in and student demand dissipates.

However, rental prices are still up a whopping 11 per cent compared to 2021 averages.

As rents dipped, voids rose in six out of the seven regions monitored by Goodlord. The average void period was 20 days in November, up from 18 days in October. This means voids are now at their highest level recorded since January of this year.

The South West saw the biggest change: with voids rising from 17 days to 23 days. This is the highest voids average recorded for the region since January 2022.

The only region not to see a rise in voids was the South East (which also recorded the smallest shift in rental costs). Voids in the South East dropped from 19 days to 18.

Goodlord chief operating officer Tom Mundy comments: “Whilst we are contending with higher rental prices across the board and serious, ongoing pressures on rental stock, we are continuing to see the annual fluctuations we’d expect at this time of year.

“Things do tend to cool down as we head towards Christmas, with people delaying moving house until the spring, and we can see that reflected in the November figures. This is likely to mean an even busier than normal start to 2023 for agents and landlords - meaning that extra preparations to help cope with the coming demand may be needed.”

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