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Annual rent rise in England still near double digits

Annual rent rise in England still near double digits

Tuesday 9th January 2024

The latest rental index from Goodlord shows average rents in England rose nearly nine per cent higher across 2023.

In 2022, rents averaged £1,086 per calendar month. In 2023, annual averages were £1,182 - an uplift of 8.8 per cent.

Rents dipped late in the year but the highest rents of 2023 were recorded between July and September when the average topped £1,300 for the first time.

And London was the most expensive location with rents hitting £2,275 per property during September - a 10.0 per cent annual hike.

Across 2023 as a whole, the North East recorded the cheapest average rents (£874) with Greater London seeing the highest rents (£1,974 on average across 2023).

Voids held steady year-on-year, with the average void period in December 2023 coming in at 20 days - matching December 2022's average exactly.

Goodlord spokesperson Oli Sherlock comments: "It's been a rollercoaster year for the market, with rents ending the year significantly up compared to 2022 figures.

"We've seen first-hand the unprecedented levels of demand for rental properties, as a growing tenant population has come face-to-face with the entrenched supply and demand issues facing our housing market.

"The lettings industry has striven to keep pace with this demand, as evidenced by some of the historically low void periods we've seen throughout 2023.

"Many agents will have been catching their breath over December, but it's looking like 2024 will be another year of high rents, escalating demand, and ongoing regulatory changes which will keep the whole market on its toes."