Rental market slows in August

England’s rental market has slowed down – with rents falling slightly and voids rising across the country.

The average cost of renting across England dipped by 1% during August, after reaching an all-time high in July. However, prices remained up by 12% year-on-year, as demand for lets continued to put pressure on existing stock, Goodlord research shows.

Typical voids also rose from July’s historic low of 10 days to 14 this month.

Tom Mundy, chief operating officer of Goodlord, said: “Following a record-breaking July, this month’s metrics are slightly more measured, but continue to set new year-on-year benchmarks.

“Properties are in high demand, with fewer homes on the market than the number of tenants looking to rent them.

“As landlords and agents gear up for what could be a tricky winter – with a raft of new legislation coming down the track and a period of economic uncertainty for tenants as rising rents meet escalating energy bills – the lettings market shows no immediate signs of slowing down.”

Competition seems to be dropping across the North West in particular, where the typical cost of renting has declined by 19% to £982 month-on-month.

The region also saw voids rise from 7 days to 17.

Similarly the South West saw prices fall by nearly 9%, while typical voids took a big jump from five days to 14 on average.

The age of tenants dipped slightly, taking the average down to 32. The last time the average age was this low was August 2021, reflecting the number of student renters signing tenancies in the summer months.

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