Void periods dropped to record lows across the UK in August, according to property technology company Goodlord, with average void periods standing at just 11 days. At the same time, several regions saw a spike in average rental costs, bringing the national average to a year-to-date high.
Void periods drop throughout UK
Goodlord’s latest Rental Index shows void periods were significantly below the year-to-date average in every region monitored across August.
The shortest average void periods were recorded in the South West, where it took just 5 days to fill a vacant property in August, eclipsing the region’s previous year-to-date low of 9 days. This was despite a big spike in average monthly rents in the South West, with costs in the region jumping up by 20% to £1,126, up from £942 in July. Last month’s figures were well above the South West year-to-date average rental cost of £938.
The North East also experienced record low void periods in August, dropping to just 7 days on average. During the same period, the average monthly rent climbed by 36% month-on-month to £897.
The longest void period was in the West Midlands where it took 15 days to fill a vacant property in August – still well below the year-to-date average for the region of 24 days.
Goodlord’s figures are based on tenancy agreements executed on its platform during the month.
Average rents on the rise
After a downturn in prices during July, August saw average rents increase in all but one of the eight regions monitored by Goodlord, taking the average rental costs for the UK to a year-to-date high of £1,031.
London continued to have the highest average monthly rent in August at £1,684, an increase of 5% on the previous month. The lowest average monthly rent was in the West Midlands at £722, an increase of 2% on the previous month.
Three regions showed double-digit percentage increases on the previous month – the North East (36%), South West (20%) and East Midlands (16%).
Tom Mundy, COO at Goodlord said, “August is always a busy month for the industry and these numbers demonstrate a rising demand for high-quality rental properties across the UK. Void periods were at year-to-date lows across almost every region, something which will be welcomed by landlords and agents alike as the industry finds equilibrium following the tenant fee ban.
“We’ve also seen big jumps in average rental costs throughout a range of regions, demonstrating the release of pent up demand amongst tenants and a slew of higher value properties hitting the market as more home-owners look to the rental market against a backdrop of stagnant property prices.”