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English rent voids below average at 15 days: Goodlord

Rent voids were below their annual average across England in August coming in at 15 days, according to Goodlord, showing signs “that the market is strong heading into autumn”.

However, the lettings platform’s Rental Index said last month provided “a mixed picture” for landlords, with only three regions continuing the downward trend in average void periods seen in recent months.

It said the North West saw the biggest month-on-month decrease in August, with the average void period dropping from 20 days in July to 18 days last month, a 10% fall.

London and the East Midlands also saw their average void period dip by 1 day in August.

The average void period jumped 66% in the South West last month to 15 days, from 9 days in July. Smaller increases were also posted in the North East and South East.

There was no change in the West Midlands, with the average void period, when a property earns no income, remaining steady at 18 days.

The cost of rents continued to climb across England in August, with the average rent coming to £1,097.41, an increase of 3.5% on last month’s record £1,060.50.

In the South East, the average monthly rent hit £1,293 in August, up 14% from £1,137.29 in July, the report said.

The East Midlands was one area which saw a significant rise in rents, with average monthly rent at £946.89, a 7% rise on July.

Also, London saw a 6% hike in rents to £1,725.77 in August, from £1,631.10 the month before.

Small increases were also seen in the West Midlands and the South West.

The North East and North West were the only regions to see decreases in average monthly rents.

In the North East, the average monthly rent fell 7% to £809.79 in August, while in the North West, the average monthly rent dipped by 5% to £807.17, the lowest in the country.

The index said average tenant income slipped by 6% in August, which means the average tenant in England earns £25,264. Stripping out London, average tenant income falls to £23,566.

Goodlord chief operating officer Tom Mundy says: “The picture for the lettings market remains mostly positive heading into Autumn. August has capped off a hugely busy summer for the industry.

“Lack of stock could be contributing to rising rents in much of the country, but, with average void periods remaining low, the indications are that demand remains strong heading into September and letting agents can expect a busy few months as we head into the final quarter of the year.”

Original Article from Mortgage Intelligence 01/09/21

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