A new index for the lettings sector in England and Wales by PropTech company Goodlord gives a clean bill of health to renting - but shows wide regional variations.
Analysing tenancies processed through its platform, Goodlord says that in February London had the country’s highest rent - naturally - at an average of £1,619 per month. This was 114 per cent higher than the typical rent in the rest of England and Wales.
London also had the shortest void periods - an average of just 13 days - while it also revealed the longest fixed term tenancies, at 14 months; this was a full three months longer than in the south east, the region with the second longest tenancies.
Across the country as a whole, tenants typically spent some 29 per cent of their income on rent.
Tenants in London have the highest average income, at £36,000, while tenants in the North East have the lowest average income, at £17,000.
The index splits England and Wales into eight regions and its measurements are:
North West:
Average rent - £752
Average void - 27 days
Average tenancy length - 9 months
Average tenant age - 32
Average annual tenant income - £20,000.
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North East:
Average rent - £635
Average void - 24 days
Average tenancy length - 9 months
Average tenant age - 31
Average annual tenant income - £17,000.
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Wales:
Average rent - £693
Average void - 15 days
Average tenancy length - 9 months
Average tenant age - 32
Average annual tenant income - £23,000.
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West Midlands:
Average rent - £689
Average void - 33 days
Average tenancy length - 9 months
Average tenant age - 33
Average annual tenant income - £18,000.
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East Midlands:
Average rent - £864
Average void - 32 days
Average tenancy length - 9 months
Average tenant age - 33
Average annual tenant income - £23,000.
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London:
Average rent - £1,619
Average void - 13 days
Average tenancy length - 14 months
Average tenant age - 32
Average annual tenant income - £36,000.
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South East:
Average rent - £967
Average void - 23 days
Average tenancy length - 11 months
Average tenant age - 34
Average annual tenant income - £25,000.
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South West:
Average rent - £878
Average void - 23 days
Average tenancy length - 9 months
Average tenant age - 34
Average annual tenant income - £19,000.
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