South West rents soar

Rents have rapidly climbed in the South West by 10.46% in a single month, bringing the average to £1,130, Goodlord’s Rental Index has found.

The South West also saw a 30% drop in voids, suggesting the region’s landlords have profited from huge demand in the past month.

Similarly a large rent rise was recorded in the North East - the home of the cheapest rents in the country - where costs rose by 8% over the last month. Meanwhile voids fell by 35% in the region.

Tom Mundy, chief operating officer of Goodlord, said: “It’s safe to say that there’s a huge amount to contend with in the lettings sector right now.

“We’re heading towards what tends to be the busiest season for rentals with a market that’s already extremely busy thanks to high demand and low stock.

“Add to this the major changes coming up as a result of the Renter’s Reform Bill and we’re on track for a hugely impactful few months for both agents and landlords.

“Things are set to be intense for the foreseeable future; all stakeholders must make sure their operations are as streamlined as possible if they want to engage effectively with the current market.”

Across the UK as a whole, rents rose by an average of 2.8% in June, taking the average cost of a rental property in England from £1,020 to £1,050 per month.

The only region to record a decrease in the cost of renting was the West Midlands, where a 2% reduction in prices was recorded.

Region May 2022 June 2022 Month on month % change Previous Month
East Midlands £866.62 £867.97 0.16%
Greater London £1,723.10 £1,745.56 1.30%
North East £728.48 £790.82 8.56%
North West £811.16 £838.08 3.32%
South East £1,130.16 £1,133.81 0.32%
South West £1,023.09 £1,130.07 10.46%
West Midlands £862.35 £845.37 -1.97%
England £1,020.71 £1,050.24 2.89%

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