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 |
|
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 |
March |
Month-on-Month |
|
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.”