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The average property rent has dropped in five of the eight UK regions monitored by property technology company Goodlord.
The biggest drop in average property rent was recorded in the West Midlands, which saw monthly rents fall from £719 in June to £711 last month – a fall of 1.11 per cent. The South East, South West, London, and Wales also saw average property rents fall.
On a brighter note, the North West saw a month-on-month increase of 1.95 per cent, taking average rents in the region to £750. The East Midlands and the North East also saw small increases.
The latest July figures see the average property rent for the whole of the UK at £906 per month.
The highest property rents by some margin continue to be found in London, where they currently stand at £1,608. This is almost twice that of the next most expensive region, the South East, where the average rental cost was £992 in July.
However, all eight regions were recording lower void periods in July than their year-to-date average, pointing to an uptick in the pace of lettings across the UK as a whole.
The South West continues to have the lowest average void periods in the UK, where it took just nine days to fill a property in July.
In contrast, it took almost three times as long to fill a vacant property in the East Midlands in July, where the average void period remained unchanged from June at 25 days.
London continues to be the least affordable region for renters in the UK, with an affordability ratio of 3.3, calculated by a tenant’s guaranteed yearly income divided by their yearly rent share, with 2.5 considered the minimum affordable ratio.
The North East, West Midlands and Wales were the most affordable regions in July, each with an average affordability ratio of 3.9.
COO at Goodlord, Tom Mundy, commented: ‘While average monthly rents slipped across the majority of regions in July, the void figures for the last two months show signs of a market picking up pace. June and July’s void figures are much lower than the 2019 average void periods for each region, perhaps indicating the release of pent up demand from tenants who postponed decisions until after the Tenant Fee Ban came into force. This is good news for agents and landlords at a time of industry flux.’