Rental market activity is starting to slow, with the average cost of rent decreasing and void periods increasing in all regions, according to the latest data from Goodlord.
The property technology firm reports that average rents dropped by 9% across the UK last month.
Big shifts in average rent in October were recorded in the South West, North East, and South East, based on the data provided.
Year-on-year, the average UK rent is now 1.4% higher than last year. The average cost of rent is currently £938 per calendar month (pcm) across all UK regions, compared to £925pcm in October 2019.
|
Region |
September |
October |
Month on month % change Previous Month |
|
East Midlands |
£890.34 |
£862.20 |
-3% |
|
Greater London |
£1,693.50 |
£1,590.55 |
-6% |
|
North East |
£738.02 |
£636.42 |
-16% |
|
North West |
£795.72 |
£750.26 |
-6% |
|
South East |
£1,171.91 |
£1,041.84 |
-12% |
|
South West |
£1,152.46 |
£917.78 |
-26% |
|
West Midlands |
£786.96 |
£770.50 |
-2% |
|
UK average |
£1,032.70 |
£938.51 |
-9% |
In terms of voids, there has been an increase, with the UK average now stood at 23 days, up from 19 days in September.
Unsurprisingly, the biggest jumps in voids correlated with the regions that saw the biggest shift in rental prices, namely: the North East, South East, and South West.
The highest void periods can now be found in the South West, at 27 days. This is closely followed by the West Midlands where the average crept up to 26 days.
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