After a hectic period of rent rises it appears that the lettings market is at a standstill according to PropTech firm Goodlord.
Its latest index shows that rents increased only fractionally across England, with voids averages shifting by just a day.
The average cost of a rental property in England is now £1,090.57 – that’s up a negligible 0.14 per cent month-on-month. Even so, this makes it the highest rate recorded since October 2022.
Most regions saw a very small shift in prices. The biggest change was recorded in the East Midlands, where prices decreased by 2.8 per cent. In the South West, however, prices rose by 2.4 per cent.
Year-on-year, rental prices are now 8.0 per cent higher than at this time in 2022.
| February 2023 | March 2023 | Month on month % change Previous Month | Year on Year % change |
East Midlands | £940 | £914 | -2.82% | 8.13% |
Greater London | £1,842 | £1,855 | 0.67% | 9.85% |
North East | £796 | £801 | 0.66% | 9.42% |
North West | £889 | £877 | -1.29% | 7.03% |
South East | £1,208 | £1,202 | -0.53% | 8.15% |
South West | £1,054 | £1,080 | 2.40% | 6.64% |
West Midlands | £893 | £906 | 1.37% | 7.95% |
England | £1,089.04 | £1,090.57 | 0.14% | 8.32% |
The average void period for a rental property in England also saw little movement during March – inching up from 17 days on average in February to just 18 days this month.
The biggest rise in voids was recorded in the North East, which saw a 2-day jump from 15 to 17 days. The biggest decline in voids was seen in Greater London, where numbers dropped from 13 days to just 12.
Three regions – the East Midlands, North West, and South East – saw no movement at all.
Tom Mundy, chief operating officer at Goodlord, comments: “March was a remarkably steady month for the market, matching February prices and voids very closely. In the coming months, however, we predict rents to creep back up towards levels seen last summer. The void picture in major urban areas, such as Greater London, offers another strong indication that demand remains high and shows no sign of abating.“
