Rents rise in most regions

5 August 2020 | General

The cost of renting increased across six out of eight regions of the UK – with particularly strong increases in the North East and East Midlands, Goodlord’s rental index has found.

In July the typical cost of renting was £838.24 in the North East, up from £652.61 in June.

The East Midlands also saw a rise of 17% increase, with rents rising from £795.24 in June to £961.34 in July.

The only regions where rents didn’t increase were the West Midlands (0%) and Wales (-5%).

Tom Mundy, chief operating officer at Goodlord, said: “July’s numbers confirm that the post-lockdown bounce we were expecting was more than a flash in the pan.

“The market has found its feet once more and is retaining momentum. Comparisons to 2019 data are highly encouraging; showing a return to predicted levels of activity and, in some instances, exceeding expectations.

“In addition, rental prices and void periods both bode well for the sector as we head into August, which is also a traditionally busy month for the industry.”

This post has originally been featured in Property Wire.