Rents soar across the country, but falter in London and South East

Rents soar across the country, but falter in London and South East


Todays other news


Average rents performed strongly across many parts of the country last month, but floundered in London and the South East.

Goodlord’s Rental Index for June 2019 shows that average rents in four regions soared by over 3% last month when compared to May.

The highest rise was recorded in Wales, where typical rents increased by 5.8% to £800. This was followed by the South West, where rents increased from £896 to £947 between May and June, a rise of 5.7%.

The other strong performers were the North East with a monthly rise of 3.6% and the North West, where average rents climbed by 3.3% on a monthly basis.

Typical rents in the South East experienced a sharp drop between May and June, falling from £1,044 to £980 (-6.1%).

Meanwhile, in Greater London average rents dropped by 1.3% on a monthly basis, from £1,643 to £1,621.

 

Rents in the East Midlands and West Midlands also decreased between May and June, with Goodlord recording respective marginal drops of 0.6% and 0.1%.

Nationally, the index calculates the average rent at £907 in June, down from a high of £917 in January but an improvement on the 2019 low of £887 recorded in February.

“We continue to see a range of market factors affecting average rental prices,” says Tom Mundy, Goodlord’s chief operating officer and co-founder. 

“Whilst London prices are holding fairly steady, we’ve seen a big drop across the South East as a whole. This contrasts sharply with a steady rise in rents for the South West and Wales.”

“As we move into the summer – typically the busiest season for lettings – it will be interesting to see what the impact of student housing churn and the repercussions of the tenant fees ban,” he says.

The index also measures void periods, identifying the South West and Wales as the regions with the lowest average void periods last month at nine days.

The highest void periods in June were recorded in the East Midlands where it took an average of 25 days to fill a vacant property.

 

Share this article ...

Join the conversation: Login and have your say

Recommended for you
Related Articles
A survey of over 34,000 home-movers by Rightmove reveals a...
Keep ‘watertight paperwork’ ahead of the Bill becoming law...
Rental growth is expected to continue softening...
A leading agent says there are renegotiations on prices of...
Reeves to slash Right To Buy discount on Wednesday...
It’s been revealed by Propertymark that HM Revenue & Customs...
Recommended for you
Latest Features
A provider of digital property packs claims over 133,000 homes...
System overcomes limitation for many agents when faced with clients...
A survey of over 34,000 home-movers by Rightmove reveals a...
Sponsored Content
Letting agencies face the dual challenge of keeping both landlords...
In an industry where compliance and client money handling are...
PropTech provider Reapit will announce the latest enhancement to its...

Send to a friend

In order to send this article to a friend you must first login. Click on the button below to login or sign up.

No one likes pop-ups ...
But while you're here