Rental market ‘strong and stable’ as new decade dawns

The rental market is stable as it enters 2020 according to the latest index from PropTech company Goodlord. 

Five out of the eight regions monitored by Goodlord at the turn of the year saw rents remain at November levels or dip slightly. The largest decrease was recorded in the North East, where average prices dropped three per cent from £607 to £588. 

Marginal rises were recorded in Greater London (up two per cent), the North West and Wales (rising three per cent each).

The average cost of a rental property across the whole of the UK was £902 in December. This compares with a 2019 annual average of £927 per property, per month. 

It was a healthier month for void periods during December, with the average UK void period dropping from 24 to 19 days. This compares to an annual average for all of 2019 of 20 days. 

All regions monitored saw a slight decrease in void periods with the exception of the South West, which saw averages increase from 17 to 19 days. 

The South East saw a fairly sizeable drop compared to November, with void periods dropping from 28 days to just 21. 

Looking at the wider lettings landscape, the average age of UK renters held steady at 34 years for the third month in a row, ending the year slightly higher than the 2019 annual average of 33. 

The average income of tenants increased slightly in December, increasing from £22,726 in November to £23,615 in December. 

London continues to be the most expensive place to rent in the UK, with the North East, Wales, and the Midlands the most affordable. 

“We ended the year sitting slightly higher than 2019 averages on some key metrics - an encouraging note to round off what has been a seismic year for the industry” explains Tom Mundy, Goodlord’s chief operating officer.