Voids settle in August

4 September 2020 | General

Void periods were up by an average of two days across the UK from July to August, which Goodlord said reflects an easing of the ‘rush to rent’ which characterised early summer.

The average void period for the UK as a whole increased from 16 days to 18 days.

Just one area saw a decrease in void periods during August, as the South East saw voids fall from 15 to 13 days.

Tom Mundy, chief operating officer at Goodlord, said: “It’s encouraging to see average rents holding up as the market starts to settle into a more predictable pattern.

“We’re now seeing the frenzied rush to rent of June and July reach its natural conclusion, but demand remains buoyant and an influx of higher quality properties are starting to hit the market – particularly in London and the South East – which are holding prices steady.

“Last minute university choices have also been keeping lettings in student towns lively during August. Overall, the market picture remains positive as we head into the Autumn.”

Greater London, the South East, South West, West Midlands and Wales all recorded a rise in average rents during August.

Wales remains the cheapest place in the UK to rent – at £685 per property – despite recording a 2% increase in average rental costs last month.

It was a different picture elsewhere, however. The East Midlands, North East and North West all recorded dips in the cost of rent. The North East saw the biggest drop, seeing average costs decrease by 9% month-on-month.

This post has originally been featured in Property Wire.