Rents hit record £1,250 in September

Posted on Monday, October 3, 2022

UK rents in September broke records hitting £1,249 on average as demand remains high amid tight supply, says Goodlord.

Average rents this month lifted by 1.8% compared to August, and is 13.2% higher than a year ago, according to the lettings agent’s monthly Rental Index.

Prices continue to rise rapidly as September’s record beat the previous all-time high of £1,238 set in July.

The majority of regions across England saw rents increase, with London posting a record surge to see monthly costs for tenants top £2,000 for the first time.

The cost of renting a property in the capital now sits at £2,055, a 6.8% jump from August, says the report.

The North East posted a fall, following several months of higher-than-expected growth, which saw rents slide by 6.7% in September, taking average prices down to £890.

The only other region to record a decline was the East Midlands where prices slipped 0.9% to £1,010.

Despite strong demand, voids edged higher this month to 15 days, from 14 days in August.

London saw a drop in voids, falling to 9 days from 11. The South West saw the biggest rise in voids, with properties taking 17 days to change hands, up from 14 last month.

Goodlord chief operating officer Tom Mundy says: “This has been another record-breaking month for the market.

“While we always expect August and September to be busy, we have seen rents break records for the second time in one summer and London has tipped over the £2,000 average threshold.

“These are truly significant benchmarks and demonstrate a red-hot rental market. What happens when this reality meets what’s on track to be a difficult winter for many remains to be seen, but agents and landlords must be prepared for demand to stay high, even as individual circumstances start to shift.”

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