Bumper summer for lettings - and here’s the evidence

It’s been yet another strong month for the rental market as reported in the latest statistics from PropTech supplier Goodlord.

Voids dropped in nearly all regions: the East Midlands, Greater London, the North East, North West, South East and South West all saw voids fall. 

For the South West and North East, the month on month decrease in voids was a huge 50 per cent. The South West moved from 18 days to just eight and the North East dropped from 30 days (May’s highest rate) to 13 days. 

All other areas enjoyed a healthy drop of at least 20 per cent to their void periods - highlighting the exceptional high levels of tenant demand being seen across the lettings market.

The only area to see an increase in void periods was the West Midlands, where voids increased from 18 days to 23 days, after the region experienced a particularly busy May. 

In good news for landlords, rents also increased in every region during June.

The North East and the South West both recorded increases of 11 and 10 per cent respectively, with all other English regions seeing a boost. 

The West Midlands, the only area not to see an decrease in voids, recorded a very marginal rise in rents of 0.05 per cent.

The average cost of rent for a property in England is now £932, an eight per cent increase on May’s figure of £885. 

Tenants in England now earn an average of £25,647 - up slightly on May’s average of £25,429. 

Tom Mundy, Goodlord’s chief operating officer, comments: “All the signs this year have been pointing to a bumper summer for lettings and we’re now seeing that reflected in the numbers. 

“Trade is brisk across the country and tenant demand is extremely strong. As summer continues and the prospect of remaining restrictions lifted, increasing numbers of people are looking to move.

“Rents are at levels we’d expect to see during the summer. In fact, average rents were higher last month than June 2019, pre-pandemic, showing that the lettings market has continued to go from strength to strength despite the turbulence of the last 16 months.

“This demand may test the capacity of agents as they move from an unprecedented period of activity for the sales market straight into this spike in rental demand.”