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Wide gap in regional rental prices, new figures show

Posted by Let Me Properties on July 5, 2019
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Friday 5th July 2019

Wide gap in regional rental prices, new figures show

The average rent increased in four of the eight regions monitored by Goodlord across England and Wales between May and June, the latest rental index from the PropTech firm shows.

The rental data reveals wide regional variations, with rents up by 6% in Wales and the South West, but dropping by 6% on average in the South East.

The average rent nationally stood at £907 per calendar month (pcm) in June, led by London where the average rent reached £1,621pcm.

The next highest region is the South East, at £980pcm.

The region with the lowest average rent in May was the North East, at £657pcm.

According to the index, the average rent in each region stands at:

London – £1,621pcm

South East – £980pcm

South West – £947pcm

Wales – £800pcm

East Midlands – £800pcm

West Midlands – £719pcm

North West – £758pcm

North East – £657pcm

Tom Mundy, COO and co-founder of Goodlord, commented: “It’s been another interesting month across the UK. We continue to see a range of market factors affecting average rental prices.

“Whilst London prices are holding fairly steady, we’ve seen a big drop across the South East as a whole. This contrasts sharply with a steady rise in rents for the South West and Wales.

“As we move into the summer – typically the busiest season for lettings – it will be interesting to see what the impact of student housing churn and the repercussions of the tenant fee ban have on rental costs and void periods.”

Article courtesy of Landlord Today | Sign up for Landlord Today newsletter | Get this news on YOUR site!

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