Goodlord: Rental void periods drop across the country

Rental void periods have dropped in nearly all regions monitored by Goodlord during June.

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 50%.

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The South West dropped from 18 days to eight, and the North East dropped from 30 days (May’s highest rate) to 13 days.

All other areas enjoyed a drop in void periods of at least 20%, which Goodlord said highlights the high levels of tenant demand.

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

The average void period in England was found to be 16 days, down from 22 – a decrease of 30%.

Rents also increased in every region during June.

The North East and the South West both recorded increases of over 10% (11% and 10% 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%.

The average cost of rent for a property in England is now £932, an 8% 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, chief operating office at Goodlord, said: “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.”