West Midlands sees biggest decline in void periods
The West Midlands saw the biggest decline in void periods, dropping from 34 days on average in September to 20 in October, Goodlord’s Rental Index has found.
Void periods, or the number of days a rental property is left unoccupied, also declined in the East Midlands and Wales.
Tom Mundy, chief operating officer at Goodlord, said: “After a fantastic summer for lettings followed by a more tempered start to the Autumn, the rental market is starting to stabilise in key regions across the UK.
“The numbers indicate a return to consistency across void periods and rental prices, although this is being felt at different rates depending on the region.
“Overall, void periods are generally below or on par with annual averages, and average rents across most areas of the UK are returning to expected levels.”
The UK average for void periods remained at 18 days during October.
Void periods across the South West and South East remained unchanged month-on-month.
The North East saw the most significant shift after a positive September.
Void periods in the region rose from 10 to 25 days, taking it just above the region’s year to date average of 22 days.
The South East also saw a shift, moving from 14 to 25 days.
However despite these shifts, seven out of the eight regions across the UK had lower void periods in October compared to January 2019, marking an overall positive trend across the year.
The average cost of rent also levelled out last month, taking the UK average down from a 2019 high of £1,034 in September, to £925 in October.