Voids rise as end of lockdown sees tenants go on the move

6 May 2021 | Renting

Voids rise as end of lockdown sees tenants go on the move

The latest rental market snapshot from PropTech company Goodlord shows rents holding steady across England but as lockdown restrictions ease voids are rising in most areas of the country.

For the fourth month in a row, rents across England held steady, with no significant movement in either direction, says Goodlord. 

During April, the average cost of rent rose by 0.45 per cent compared to March figures – taking the total monthly cost per property to £920.24, up from £916.09.

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Greater London, the North East, South West, and West Midlands all saw modest rises in the average cost of rent of between one and two per cent. 

The East Midlands, North West and South East saw slight declines, with prices dropping in those areas by no more than one per cent. 

Renters in the South West, Greater London, North East, South East, South West and the West Midlands all recorded a rise. 

The only areas to see a decline in income were the East Midlands (down just 0.5 per cent) and the North West (which fell 3.6 per cent). 

Despite the positive news for the price of rent and tenant incomes, it was a different picture for voids, with most regions seeing an increase in void periods.

The South West was the only region which saw no change, with void periods in April remaining steady at 22 days on average. 

Greater London, the North West, and the South East all saw increases of four days, with the West Midlands recording an increase of five. In the East Midlands, void averages jumped up by eight days. 

The biggest change came in the North East, where voids went from a 17 day average to 29 days in April, taking the region back to levels recorded in January. 

The rolling 12 month-average in voids for the North East is now 24 days. 

Overall, the UK average void period rose from 21 to 26 days during April.

Tom Mundy, COO at Goodlord, comments: “As the economy opened up in April, we saw an immediate uplift in tenant incomes. In turn, this helped keep rents steady for another month, continuing the 2021 trend of remarkably steady rental prices. 

“Void periods did increase this month, perhaps as the population’s attention was focused on enjoying its new freedoms. However, the overall signs still all point towards a very busy summer for the lettings market.”

This post has originally been featured in Letting Agent Today.