Average rents nearing £1,000 mark

The average cost of renting in England has risen by £993 in January, following strong competition between tenants, Goodlord’s Rental Index has found.

Rents are increasing the most in the North East, with a rise of 3% from £716 in October to £740 in January.

London is by far the most expensive, standing at £1,675, 126% more expensive than in the North East.

Voids sneak up after hectic December

Void periods rose from 18 days in December to 20 in January.

Voids are, however, continuing to stay low compared to year-on-year figures – with voids in January 2022 down 16% compared to voids in January 2021.

The South West saw the biggest increase in voids last month – jumping up from 18 days up to 26. There was also a big shift in the North West, where averages rose from 17 to 22 days.

More modest rises were seen in Greater London, the North East, and the South East. Each region saw void periods increase by one day on average.

Tom Mundy, chief operating officer at Goodlord, said: “The pace of the market throughout the winter continues to surpass predictions.

“Rents are continuing to creep up as tenants compete for the best properties and, as inflation bites, the rising cost of rent is beginning to outstrip salary growth.

“We wouldn’t expect to see record-breaking low voids during January, particularly in light of the huge market activity seen in December, so the small increase in void averages we’re seeing this month isn’t unexpected.

“The overall market picture is still very strong compared to 2021; landlords won’t be struggling to find tenants over the coming months but the rising cost of living may start to affect certain regions sooner rather than later.”

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