Void periods fall to record lows but rent levels are ...

Void periods have fallen to record lows across the UK in August, with average voids standing at just 11 days.

The data, from Prop Tech firm Goodlord, shows voids significantly below the year-to-date average in every region monitored across August.

The shortest average void periods were recorded in the South West, where it took just five days to fill a vacant property in August, eclipsing the region’s previous year-to-date low of nine days.

This was despite a big spike in average monthly rents in the South West, with costs in the region jumping up by 20 per cent to £1,126, up from £942 in July. Last month’s figures were well above the South West year-to-date average rental cost of £938.

The North East also experienced record low void periods in August, dropping to just seven days on average. During the same period, the average monthly rent climbed by 36 per cent month-on-month to £897.

The longest void period was in the West Midlands where it took 15 days to fill a vacant property in August - still well below the year-to-date average for the region of 24 days.

Goodlord’s figures are based on tenancy agreements executed on its platform during the month.

Meanwhile Goodlord says that after a downturn in prices during July, August saw average rents increase in all but one of the eight regions monitored by the PropTech firm.

This has taken the average rental costs for the UK to a year-to-date high of £1,031.

London continued to have the highest average monthly rent in August at £1,684, an increase of five per cent on the previous month. The lowest average monthly rent was in the West Midlands at £722, an increase of two per cent on the previous month.

Three regions showed double-digit percentage increases on the previous month - the North East (up 36 per cent), South West (20 per cent) and East Midlands (16 per cent).