Rents down and voids increase as market cools across UK
October proved a slower month for the UK rental market, with the average cost of rent falling and void periods increasing in all regions, property technology company Goodlord has found.
Across the UK the average cost of rent decreased by -9%, with the South West seeing the biggest reduction (-26%).
Void periods rose to 23 days in October, up from 19 in September.
Tom Mundy, chief operating officer at Goodlord, said: “The seasonal cool off is now in full effect, as we can see from some of the more sizable changes in rental and voidage averages this month.
“However, when contextualised against the year on year data, we can see that this time of year is typically characterised by a dip in rent and an uptick in void periods.
“Overall, the cost of rent this October was slightly up on last year’s figures.
“This shows that, despite the ongoing uncertainties across the UK economy, the rental market is reflecting its typical seasonal patterns whilst steadily gaining in strength, demonstrating its resilience despite a tumultuous year to date.”
This autumnal drop appears to be an annual trend in the South West and across the UK as a whole.
Between September and October last year, the South West region saw a 19% month-on-month reduction in rental prices.
The highest void periods are in the South West, at 27 days.
This is closely followed by the West Midlands, where the average crept up to 26 days.