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Average time to let soars thanks to lockdown

Rents on renewed tenancies fell for the second month in a row according to data from Hamptons International.  

In April the average rent on a renewed tenancy stood at £925 pcm, which was down 1.1 per cent year-on-year.  

Rental growth on renewed tenancies has continued to slow - it was down 0.5 per cent annually in March after being up 1.5 per cent for the year in February. 

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Meanwhile the agency says in the lockdown month of April it took 29 days on average to let a rental home in Great Britain, five days longer than a year earlier. 

The four slowest regions to let a property were in Wales, Yorkshire & Humber, the South East and the North East - all 33 or 34 days.

The South West, which up until last month had seen some of the strongest rental growth, was the quickest region to let a home - an average of 25 days. 

Demand for one-bedroom homes means that these usually rent the fastest, however this changed last month when three-bedroom homes let the quickest.  

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