UK Lettings Market Recent trend
As the majority of the attention has been on the sales market due to the deadline of the stamp duty, there has been data that has revealed the letting market to have recorded a very strong month. This has included voids continually decreasing and rents across the whole of England, rising.
The figures outline the voids have dropped in all regions in the month of June, these places included East Midlands, Greater London, the North East, North West, South East and South West.
In the South West and North East, the month on month decrease in voids was a staggering 50%. The South West moved from 18 days to 8, and the North East went down as May’s highest rate from 30 days to 13 days.
The high levels of tenant demands were seen across all other areas as a drop of at least 20% to their void periods. After a very busy month of May, the West Midlands was the only region to have experienced an increase in voids which was recorded at 23 days from previously being 18 days.
All this data records the void period in England averaging at 16 days as opposed to 22 days it was prior, which is a 30% decrease.
In news for landlords there was good news as figures explained an increase in rent the month of June. The North East is reported to have an 11% increase and the South West recorded to have an increase of 10% and similarly other regions in England reported seeing a boost.
The West Midlands, however, was the only region in England not to see a decrease in voids and at the same time only reported a marginal rise in rents which was of 0.05%.
The average price for a rental property in England is now 8% higher at £932 than they were in May which was £855. Tenants in England now earn an average of £25,647 as opposed to the average of £25,429 in May.
As we look back upon the pandemic and the figures pre-pandemic there is an advance in the number of people wanting to move, as a result, causing a higher average in rents than June 2019. This has meant that the Lettings market has continued to go from strength to strength.