Rental voids look set to end the year 25% lower than at the start of 2021, new figures show.
In January 2021, average voids across England sat at 24 days. This dropped to 14 days in July, before steadying out at 18 days in November, according to data released by Goodlord.
The North East has seen the most fluctuation throughout the year, soaring to 30 days in May before plunging to just seven days in July, traditionally one of the sector’s busiest months when it comes to rental demand.
Rents across England followed a similar trend. The average cost of renting a property gradually inched up during the spring, before peaking during the summer months. Costs end the year 8% higher than figures recorded in January.
August and September saw the highest costs, with both months posting rental averages of over £1,000 per month, per property.
The highest cost of rent recorded during the year came, unsurprisingly, in Greater London – clocking in at £1,725.77 in August.
The lowest was seen in the North East, where average prices were £610.06 during February.
Tom Mundy, COO of Goodlord, commented: “It’s been another intense year for the sector. Agents and landlords have proved remarkably resilient despite the shifting tides, as has the overall health of the market.
“It’s great to see the year ending in such a strong place, particularly as we head into what seems likely to be another phase of uncertainty. Demand for rental properties remains strong throughout the country and the market can look towards the New Year with optimism.”
SOURCE: Property Industry Eye | DECEMBER 22, 2021 | MARC DA SILVA
Estate Agents
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