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Rental market sluggish in December

The cost of renting UK property was £902 in December, down from an average of £927 throughout 2019, the Rental Index from lettings platform Goodlord has revealed.

Five out of the eight regions saw rents remain at November levels or dip slightly in December.

The largest decrease was recorded in the North East, where average prices dropped by 3% – from £607 to £588.

However marginal rises were recorded in Greater London (+2%), the North West (+3%) and Wales (+3%).

Tom Mundy, chief operating officer at Goodlord, said: “Mid-November leading into December is traditionally quiet for the rental market, so these numbers are actually quite encouraging.

“Rent decreases were slight across most regions, alongside some modest increases, with other regions holding steady.”

It was a better month for void periods during December, with the average UK void period dropping from 24 to 19 days. This compares to an annual average for 2019 of 20 days.

All regions monitored saw a slight decrease in void periods with the exception of the South West, which saw averages increase from 17 to 19 days.

The South East saw a fairly sizeable drop compared to November, with void periods dropping from 28 days to just 21.