Residential

Rental costs stay regular based on newest rental index

8 months ago 2 min read

Each rents and voids proved remarkably regular throughout March, based on the most recent Goodlord Rental Index, with figures holding regular month on month. Rents elevated fractionally throughout England, with voids averages shifting by only a day.

Rents keep excessive throughout nation

Rental costs remained very constant in March, in comparison with February figures. The typical value of a rental property in England is now £1,090.57 – up 0.14% month-on-month. That is the best price recorded since October 2022.

Most areas noticed a negligible shift in costs. The most important change was recorded within the East Midlands, the place costs decreased by 2.8%. Within the South West, nevertheless, costs rose by 2.4%.

Yr-on-year, rental costs are actually 8% increased than 2022 ranges.

	February 2023	March 2023	*Month on month % change Earlier Month*	*Yr on Yr % change*
East Midlands	£940	£914	-2.82%	8.13%
Better London	£1,842	£1,855	0.67%	9.85%
North East	£796	£801	0.66%	9.42%
North West	£889	£877	-1.29%	7.03%
South East	£1,208	£1,202	-0.53%	8.15%
South West	£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%

Voids stand their floor

The typical void interval for a rental property in England additionally noticed little motion throughout March – inching up from 17 days on common in February to simply 18 days this month.

The most important rise in voids was recorded within the North East, which noticed a 2-day soar from 15 to 17 days (a 13% uplift). The most important decline in voids was seen in Better London, the place numbers dropped from 13 days to simply 12 (a 7% lower).

Three areas – the East Midlands, North West, and South East – noticed no motion in any respect.

	February 2023	March 2023	*Month on Month % change*
East Midlands	20	20	*0.0%*
Better London	13	12	*-7.7%*
North East	15	17	*13.3%*
North West	18	18	*0.0%*
South East	18	18	*0.0%*
South West	19	18	*-5.3%*
West Midlands	18	20	*11.1%*
*England common*	17	18	*5.9%*

Tom Mundy, COO at Goodlord, feedback:

“March was a remarkably regular month for the market, matching February costs and voids very intently. Within the coming months, nevertheless, we predict rents to creep again up in direction of ranges seen final summer season. The void image in main city areas, corresponding to Better London, provides one other sturdy indication that demand stays excessive and reveals no signal of abating. “