UK Rents Increase in March, and Show No Sign of Slowing Down

Good news for investors as both rents and voids proved remarkably sticky during March, according to the latest Goodlord Rental Index, with figures holding steady month on month. Rents increased fractionally across England, with voids averages changing by just a day.

Rental prices remained very consistent in March, compared to February figures. The average cost of a rental property in England is now £1,090.57 – up 0.14% month-on-month. This is the highest rate recorded since October 2022.

Most regions saw a negligible shift in prices. The biggest change was recorded in the East Midlands, where prices decreased by 2.8%. In the Southwest, however, prices rose by 2.4%.

Year-on-year, rental prices are now 8% higher than 2022 levels.

Area

February 2023

March 2023

Month-on-month % change Previous Month

Year-on-Year
% change

East Midlands

£940

£914

-2.82%

8.13%

Greater London

£1,842

£1,855

0.67%

9.85%

Northeast

£796

£801

0.66%

9.42%

Northwest

£889

£877

-1.29%

7.03%

Southeast

£1,208

£1,202

-0.53%

8.15%

Southwest

£1,054

£1,080

2.40%

6.64%

West Midlands

£893

£906

1.37%

7.95%

England

£1,089.04

£1,090.57

0.14%

8.32%

The average void period for a rental property in England also saw little movement during March – inching up from 17 days on average in February to just 18 days this month.

The biggest rise in voids was recorded in the Northeast, which saw a 2-day jump from 15 to 17 days (a 13% uplift). The biggest decline in voids was seen in Greater London, where numbers dropped from 13 days to just 12 (a 7% decrease).

Three regions – the East Midlands, Northwest, and Southeast – saw no movement at all.

Area

February
2023

March
2023

Month-on-Month
% Change

East Midlands

20

20

0.0%

Greater London

13

12

-7.7%

Northeast

15

17

13.3%

Northwest

18

18

0.0%

Southeast

18

18

0.0%

Southwest

19

18

-5.3%

West Midlands

18

20

11.1%

England average

17

18

5.9%

Tom Mundy, COO at Goodlord, said: “March was a remarkably steady month for the market, matching February prices and voids very closely. In the coming months, however, we predict rents to creep back up towards levels seen last summer. The void picture in major urban areas, such as Greater London, offers another strong indication that demand remains high and shows no sign of abating.”

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