Goodlord: Rental market remained stable in December

Michael Lloyd

January 7, 2020

The rental market remained stable in December, according to the latest Rental Index from Goodlord.

Average rents remained close to levels recorded in November.

The largest decrease was in the North East, where average prices dropped by 3% from £607 to £588.

Marginal rises were recorded in Greater London (2%), the North West (3%) and Wales (3%)

Tom Mundy, chief operating officer at Goodlord, said: “Mid-November leading into December is traditionally quiet for the rental market, so these numbers are actually quite encouraging.

“Rent decreases were slight across most regions, alongside some modest increases, with other regions holding steady.”

The average cost of a rental property across the UK was £902 in December.

This compares with a 2019 annual average of £927 per property, per month.

It was a healthier month for void periods during December, with the average void period dropping from 24 to 19 days.

This compares to an annual average in 2019 of 20 days.

All regions monitored saw a slight decrease in void periods with the exception of the South West, which saw averages rise from 17 to 19 days.

The South East saw a fairly sizeable fall compared to November, with void periods dropping from 28 days to just 21.

London continues to be the most expensive place to rent in the UK, with the North East, Wales, and the Midlands the most affordable.

Mundy added: “Void periods were down in the majority of regions as tenants looked to finalise leases ahead of the Christmas break.

“We ended the year sitting slightly higher than 2019 averages on some key metrics – an encouraging note to round off what has been a seismic year for the industry.”

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