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Goodlord: Void periods up as cost of rent drops

Michael Lloyd

December 6, 2019

buyers

In November, the average void period has increased whilst the average cost of rent has dropped according to the November Rental Index from Goodlord.

The average void period rose from 18 days in October to 24 days in November, with six of the eight regions monitored by Goodlord seeing an increase.

Meanwhile, the average cost of rent across the country stood at £898 in November, a decrease from October’s average of £925, the lowest average rent recorded since March.

Tom Mundy, chief operating officer at Goodlord, said: “As these numbers suggest, we can expect to see longer void periods and slightly lower rental averages as Christmas approaches and winter continues, which traditionally tends to be a slower period for lettings.

“Void periods are likely to creep up further in the coming months. January had the longest average void periods over the course of 2019 at 29 days, a trend that held throughout the winter months before dipping down dramatically during the summer.”

The East Midlands saw a larger jump in void periods where the average rose from 17 days in October to 28 in November.

There was no change in London, where average void periods held steady at 14 days.

The South West was the only region to see a decrease, with average void periods dropping from 18 days in October to 17 days in November.

Marginal decreases in rent were recorded in all but one of the eight regions monitored by Goodlord, returning to the levels seen before the summer surge.

The North West was home to the biggest drop, with the average rents falling 5% month-on-month taking the average to £663.


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