introduction
Goodlord's latest figures reveal a 1% increase in average rents during February, reaching £1,162 per property in England, up from January's £1,154. Despite historical norms showing a dip in rents between January and February, this year continues the trend, with a consistent upward trajectory observed.
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Regional Shifts: Year-on-Year Insights
Comparing February 2024 to February 2023, the South West leads with an 11% rise in rental prices, followed by a 7.5% increase in the North East. The West Midlands records the smallest change at 4.5%.
Regional Dynamics: Month-on-Month Rent Changes
In February, the South West and South East saw the most significant regional rent increases at 2.5%, reaching average prices of £1,173 and £1,293, respectively. Conversely, the West Midlands and Greater London experienced decreases of 2% and 1%.
Void Periods: Indicators of Demand
Void periods decreased from an average of 22 days to 18 days across England in February, highlighting sustained demand for rental properties. The North East saw the most significant shift, with voids shortening from 24 to 17 days, a 29% decrease.
CEO Insights: William Reeve on Market Trends
William Reeve, CEO at Goodlord, notes, "February typically marks a slowdown in the market. This rise indicates a persistent squeeze on the market and a shortage of available stock, emphasised by shortened void periods."
Reeve adds, "The market maintains a consistent 7% year-on-year rent increase. All eyes are on whether this trend will continue into the summer or if new records will be set, following last year's remarkable numbers."
conclusion
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