New index measures rents, voids, tenancy length for England & Wales

A new index for the lettings sector in England and Wales by PropTech company Goodlord gives a clean bill of health to renting - but shows wide regional variations.

Analysing tenancies processed through its platform, Goodlord says that in February London had the country’s highest rent - naturally - at an average of £1,619 per month. This was 114 per cent higher than the typical rent in the rest of England and Wales.

London also had the shortest void periods - an average of just 13 days - while it also revealed the longest fixed term tenancies, at 14 months; this was a full three months longer than in the south east, the region with the second longest tenancies.

Across the country as a whole, tenants typically spent some 29 per cent of their income on rent.

Tenants in London have the highest average income, at £36,000, while tenants in the North East have the lowest average income, at £17,000.

The index splits England and Wales into eight regions and its measurements are:

North West:

Average rent - £752

Average void - 27 days

Average tenancy length - 9 months

Average tenant age - 32

Average annual tenant income - £20,000.

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North East:

Average rent - £635

Average void - 24 days

Average tenancy length - 9 months

Average tenant age - 31

Average annual tenant income - £17,000.

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Wales:

Average rent - £693

Average void - 15 days

Average tenancy length - 9 months

Average tenant age - 32

Average annual tenant income - £23,000.

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West Midlands:

Average rent - £689

Average void - 33 days

Average tenancy length - 9 months

Average tenant age - 33

Average annual tenant income - £18,000.

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East Midlands:

Average rent - £864

Average void - 32 days

Average tenancy length - 9 months

Average tenant age - 33

Average annual tenant income - £23,000.

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London:

Average rent - £1,619

Average void - 13 days

Average tenancy length - 14 months

Average tenant age - 32

Average annual tenant income - £36,000.

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South East:

Average rent - £967

Average void - 23 days

Average tenancy length - 11 months

Average tenant age - 34

Average annual tenant income - £25,000.

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South West:

Average rent - £878

Average void - 23 days

Average tenancy length - 9 months

Average tenant age - 34

Average annual tenant income - £19,000.