The phenomena of rocketing rents shows no sign of abating with costs up 10% year-on-year, the latest Rental Index from Goodlord reveals.

Despite the average price of rent dipping slightly between July and August the firm’s Rental Index shows prices where still up 10% compared to the same time last year with average rental costs 15% higher than the 2023 year-to-date average.

RECORD-BREAKING

Meanwhile the traditional influx of student lets driving added to the pressure driving up prices to record-breaking highs.

Greater London and the South East saw the biggest rise in average prices. London saw an upward swing of +8%, with the South East recording the highest rise, with rents up by +14%.

However, the North West saw a drop of -20% in average prices, mirroring the pattern seen in the region last year.

Rents also dropped in the North East (-6%) and the South West (-10%). Both regions saw huge increases in rental costs during July.

Voids also saw a slight cooling off after the intensity of July, with average void periods rising from none days to 13 days in August.

NOT SURPRISING

William Reeve (main picture), Chief Executive of Goodlord, says: “There were so many records broken in July, it’s not altogether surprising to see a slight dip in average rents and slightly longer void periods during August.

“However, when you look at the bigger picture, the market is clearly still running extremely hot.”

And he adds: “Year-on-year averages for rental costs are significantly increased, with the £1,300 per month barrier now broken for a second month in a row.

“September often brings with it the annual peak in prices, so it’s likely that we’ll see another month of high rents and short voids before any seasonal shift in pace kicks in.”