Growing demand ‘may test the capacity of agents’

The lettings market recorded a strong month in June with voids continuing to decrease and rents strengthening across England, according to the latest Goodlord Rental Index.

Rents increased in every region during June, led by gains in the North East and the South West at 11% and 10% respectively.

Goodlord says that the average cost of rent for a property in England is now £932 per calendar month (pcm), an 8% increase on May’s figure of £885pcm.

Growth Goodlord’s data is consistent with HomeLet in percentage terms, but differs when it comes to actual data.

The average void period in England is now 16 days, down from 22 days – a decrease of 30%.

Tom Mundy, COO at Goodlord, commented: “All the signs this year have been pointing to a bumper summer for lettings and we’re now seeing that reflected in the numbers. Trade is brisk across the country and tenant demand is extremely strong. As summer continues and the prospect of remaining restrictions lifted, increasing numbers of people are looking to move.

“Rents are at levels we’d expect to see during the summer. In fact, average rents were higher last month than June 2019, pre-pandemic, showing that the lettings market has continued to go from strength to strength despite the turbulence of the last 16 months.

“This demand may test the capacity of agents as they move from an unprecedented period of activity for the sales market straight into this spike in rental demand.”

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