Rents dip in April

5 May 2020 | General

Rents dropped in five out of eight regions of the UK in April due to the lockdown, the Goodlord Rental Index has found.

Wales and the West Midlands saw the biggest drop, with both regions seeing decreases of 6%. The North East experienced a 4% fall, followed by 2% reductions in average rents for Greater London and the North West.

Average rental costs for the UK as a whole slipped by 2%, from £878 to £861 per property, per month.

There is a mixed picture on void periods.

Void periods increased by three days in the North West, two days in the South East and five days in the South West, though they dropped by two days in the East Midlands, Greater London and North East.

Tom Mundy, chief operating officer at Goodlord, said: “Everyone in the industry is doing what they can to cope with an unprecedented set of challenges.

“With restrictions on movement continuing, it’s no surprise that market activity is significantly down year on year, and that rents and void periods are fluctuating across the regions.

“There is some comfort to be taken from our lettings activity tracker, which shows a new level of consistency in market demand over the past week.

“Whilst a halving of activity year on year remains a crippling statistic for the industry, we also believe a huge amount of pent up demand will be released once lockdown lifts.

“Agents who are able to plan ahead for this, and can ensure their strategies adapt to the new normal of social distancing, will be in a strong position to capitalise on that surge.”

This post has originally been featured in Property Wire.