During October, rents dipped in every region of England for the first time since June, according to Goodlord’s latest rental index.

The data showed that after several months of rising rental costs, average prices in England dipped by 11% during October, taking them down to their lowest levels since June. The cost of a property to let in England is now £1,111, down from £1,249 in September.

With all seven of the regions monitored by Goodlord recording a reduction in prices, the South West saw the biggest change: after prices surged during the summer, last month brought a 20% reduction in average prices in the region, dropping from £1,422 in September to £1,126 in October.

The South East also saw a significant decrease, with average rental costs falling from £1,420 to £1,194, representing a 15% reduction. However, when compared to 2021, this year’s rental prices remain up by 10% on average so far.

Average voids also increased across England during October, rising to 18 days, from 15 in September. Six out of seven regions monitored recorded a rise in voids, but the shift was more pronounced in certain areas. Those in the North East doubled during October, rising from nine to 18 days, while averages in the South East jumped from 13 to 19 days.

The only region to see a reduction in voids was the West Midlands, where void averages dropped from 23 to 19 days. Overall, voids are now 5% lower compared with 2021 figures.

Meanwhile, the average annual income of tenants rose during October, with the Goodlord index recording an increase of 2%, and tenant salaries increasing from £29,933 to £30,717 per person.

Tom Mundy, COO at Goodlord, commented: “The market has been red hot for several months and we’ve had a consistent trend of rising prices and ever lower voids. As we head towards winter, we would expect to see a cooling of activity and so it’s no surprise that the streak of ever-rising prices is beginning to dissipate.

“However, it’s vital to remember that, in year-on-year terms, prices are much higher than in 2021 and voids are lower. In this context, it’s clear that the market remains very busy and pressure on available stock will continue whatever the weather.”