Lettings Market: Voids steady despite rents dipping in most of UK

8 October 2020 | Renting

Lettings Market: Voids steady despite rents dipping in most of UK

Rents in the UK dropped in six of the eight regions monitored by PropTech supplier Goodlord. 

During September, the average rent for a UK property decreased from £997 to £985 – a one per cent fall.

The East Midlands saw a five per cent dip in average prices, dropping from £935 per property in August to £890 in September. 

The North East saw prices decrease by four per cent and the South East was hit by a three per cent drop in average rents. 

However, it was a different picture in the North West and South West, where the average price of a rental property increased by two and three per cent respectively.

London remains the most expensive place to rent – with an average cost per property of £1,693 a month – more than twice the cost of the UK’s cheapest region, Wales, where the average rent is £654 per month.

Despite the fluctuating picture for rents, the average void period for the UK held steady at 20 days during September.

Greater London, the North East, West Midlands and South West all saw small reductions in void periods. The quickest average void time could be found in the North East – at just 12 days.

The East Midlands, North West and the South East all saw small increases in void periods. 

The longest voids can be found in the West Midlands, which saw an average period of 25 days during September.

This post has originally been featured in Letting Agent Today.