There’s been some good news for investors and landlords as fresh research shows that typical void periods dropped in every UK region during August.
Goodlord’s Rental Index shows the shortest void periods last month were in the South West at just five days, down from a low of nine days recorded earlier in the year.
There were also impressively low average voids recorded in the North East at seven days.
The longest void period – although still representing a monthly drop – was recorded in the West Midlands at 15 days. This figure is still significantly lower than the region’s year-to-date average of 24 days.
In London, the typical void period dropped to 14 days from 15 days in both July and August.
The highest average void so far this year is in the East Midlands at 27 days, while the lowest is in London at 15 days.
“August is always a busy month for the industry and these numbers demonstrate a rising demand for high-quality rental properties across the UK,” says Tom Mundy, Goodlord’s chief operating officer.
“Void periods were at year-to-date lows across almost every region, something which will be welcomed by landlords and agents alike as the industry finds equilibrium following the tenant fee ban.”
The index also looked at average rents. It shows that the national average monthly rental cost was £1,031 in August – a high so far this year.
Typical rents were up 5% to £1,684 in London when compared to July, the highest across the country. The lowest average rent was recorded in the West Midlands, at £722, up 2% on a monthly basis.
There were significant double-digit percentage increases on the previous month – 36% in the North East, 20% in the South West and 16% in the East Midlands.
The only region to witness a monthly fall in rental values last month was Wales, where the average figure dropped by 2% to £780.
“We’ve also seen big jumps in average rental costs throughout a range of regions, demonstrating the release of pent up demand amongst tenants and a slew of higher value properties hitting the market as more home-owners look to the rental market against a backdrop of stagnant property prices,” adds Mundy.
