North West sees void periods drop by 10%
The North West saw the biggest month-on-month decrease in void periods in August, with its average dropping from 20 days in July to 18 in August – a decrease of 10% – according to Goodlord.
London and the East Midlands also saw their average void period reduce in August, by one day.
The average void period climbed by 66% in the South West, from 9 to 15 days.
Smaller increases were also recorded in the North East and South East.
There was no change in the West Midlands, with the average void period remaining steady at 18 days.
Rents continued to climb in England in August, bringing the average rent across the country to £1,097.41 – an increase of 3.5% on last month’s already record-breaking figure for the Goodlord Rental Index of £1,060.50.
In the South East, the average monthly rent hit £1,293 in August, up 14% from £1,137.29 in July.
Other areas to see significant shifts were the East Midlands, where the average monthly rent is now £946.89 – a month-on-month increase of 7% – and London, where the average monthly rent increased by 6% from £1,631.10 in July to £1,725.77 in August.
In the North East, the average monthly rent dropped by 7% to £809.79 in August, while in the North West the average decreased by 5% to £807.17 – the lowest in the country.
Average tenant income decreased by 6% in August, which means the average tenant in England is now earning £25,264.
Excluding London, the average tenant income was found to be £23,566.
Tom Mundy, chief operating officer of Goodlord, said: “The picture for the lettings market remains mostly positive heading into Autumn.
“August has capped off a hugely busy summer for the industry.
“Lack of stock could be contributing to rising rents in much of the country, but, with average void periods remaining low, the indications are that demand remains strong heading into September and letting agents can expect a busy few months as we head into the final quarter of the year.”