Voids and rent steady as lettings market stabilises

It’s steady-as-she-goes in the rental market according to the latest market snapshot produced by PropTech firm Goodlord. 

Void periods dropped slightly in February compared to January, with the UK average standing at 19 days, down from 20. 

Greater London saw the biggest drop with void periods decreasing from 15 days to just 10 days during February. 

Elsewhere, the North West, South East, South West, and West Midlands saw a drop in their void averages. 

It was a different picture for the East Midlands. Despite seeing an encouraging drop in average voids during January to 19 days, the numbers jumped up again in February, taking the East Midlands average to 27.

The North East also saw an increase, although more modest. Void periods in the region inched up from 22 days to 24 days. 

February is traditionally a slower month for rent rises and this year has proved no exception. 

The overall UK average cost of rent dipped from £875 per month in January to £864 during February. However, the decline for most regions was between one and two per cent. 

Three regions bucked the trend. The South East and the Midlands saw a one per cent increase in average rental costs, with prices going up by two per cent in the South West. 

The average UK renter now earns £24,934 - an increase on January’s average. They are also slightly older; the average age of a UK renter is now 34.