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Graham Awards


Steady As She Goes - rental market at a standstill

After a hectic period of rent rises it appears that the lettings market is at a standstill according to PropTech firm Goodlord.

Its latest index shows that rents increased only fractionally across England, with voids averages shifting by just a day. 

The average cost of a rental property in England is now £1,090.57 - that’s up a negligible 0.14 per cent month-on-month. Even so, this makes it the highest rate recorded since October 2022. 


Most regions saw a very small shift in prices. The biggest change was recorded in the East Midlands, where prices decreased by 2.8 per cent. In the South West, however, prices rose by 2.4 per cent. 

Year-on-year, rental prices are now 8.0 per cent higher than at this time in 2022.


February 2023

March 2023

Month on month % change Previous Month

Year on Year % change

East Midlands





Greater London





North East





North West





South East





South West





West Midlands











The average void period for a rental property in England also saw little movement during March - inching up from 17 days on average in February to just 18 days this month. 

The biggest rise in voids was recorded in the North East, which saw a 2-day jump from 15 to 17 days. The biggest decline in voids was seen in Greater London, where numbers dropped from 13 days to just 12. 

Three regions - the East Midlands, North West, and South East - saw no movement at all. 

Tom Mundy, chief operating officer at Goodlord, comments: “March was a remarkably steady month for the market, matching February prices and voids very closely. In the coming months, however, we predict rents to creep back up towards levels seen last summer. The void picture in major urban areas, such as Greater London, offers another strong indication that demand remains high and shows no sign of abating.“

  • Matthew Payne

    Dont see that manifesting itself at the coal face down here around London. 30 tenants for every property, voids zero, rents still on the up, agents pulling their hair out on the supply and demand imbalance. Must just be a quirk in goodlords pre tenancy sample set.


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