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News: New rental data shows wide regional variations across England and Wales

Thu, 06 Jun 19

The average rent edged up in four of the eight regions monitored by Goodlord across England and Wales between April and May, according to the latest rental index from the PropTech firm.

The average rent nationally stood at £901 per calendar month (pcm) in May, led by London where the average rent hit £1,643pcm.

The next highest region as the South East, at £1,044pcm.

The region with the lowest average rent in May was the North East, at £634pcm.

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

London - £1,643pcm

South East - £1,044pcm

South West - £896pcm

Wales - £756pcm

East Midlands - £720pcm

West Midlands - £720pcm

North West - £711pcm

North East - £634pcm

The figures also reveal that landlords in the South West had the shortest void periods, at an average of just 15 days.

Void periods were longest in the North East, with an average of 28 days, followed by the North West at 25 days.

The average void period across all regions was 20 days in May.

Fixed term tenancies are just under a year nationally, at an average of 11 months, with the longest average terms in the capital, at 14 months, followed by the South East at 12 months.

The North East and West Midlands were the most affordable regions for renters in May, with an average property affordability of 4.1 each.

Affordability is defined as a tenant’s yearly income divided by their yearly rent share. London and the South of England are still the most unaffordable regions for renters.

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