Rental Index Shows Drop in Landlord Voidage

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Landlord voidage dropped slightly in February, according to the latest Rental Index from Goodlord.

Landlord voidage – void periods while rental properties are empty – dropped slightly compared to January, with the UK average standing at 19 days, down from 20.

Greater London saw the biggest drop in landlord voidage, with void periods decreasing from 15 days to just 10 days during February. Elsewhere, the North West, South East, South West, and West Midlands saw a drop in their void averages.

It was a different picture for the East Midlands. Despite seeing an encouraging drop in voidage during January to 19 days, the numbers jumped up again in February, taking the East Midlands average to 27.

The North East also saw an increase, although more modest. Void periods in the region inched up from 22 days to 24 days.

When it comes to rents, February is traditionally a slower month for rent rises and this year has proved no exception. The overall UK average cost of rent dipped from £875 per month in January to £864 during February. However, the decline for most regions was between 1 and 2 per cent.

Three regions bucked the trend. The South East and the Midlands saw a 1 per cent increase in average rental costs, with prices going up by 2 per cent in the South West.

Elsewhere, prices in Greater London dipped by 2 per cent, with the East Midlands and the North East seeing numbers drop by a marginal 1 per cent on average. The biggest change was seen in the North West, where average rental costs dropped from £715 in January to £687 in February – a 4 per cent change.

In addition to voidage and rent data, the index also found that the average UK renter now earns £24,934 – an increase on January’s average. They are also slightly older; the average age of a UK renter is now 34.

Tom Mundy, COO at Goodlord, commented: ‘February is traditionally one of the quietest months of the year for lettings, which means these figures are aligned with our expectations for this period.’

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