The average cost of an English rental property in June lifted 6.7% to £1,225 compared to a year ago, as the lettings market enters its high season.
The South West posted the highest year-on-year rise, where prices jumped 13.1% to £1,347 over the same period, data from the Goodlord Rental Index shows.
In London, rents broke the £2,000 mark for the first time this year, rising 2.2% to £2,010. This was also the lowest annual uplift among English regions.
The report points out: “June traditionally marks the beginning of the high season for rental prices. Buoyed by demand from students, rents typically peak between June and September.
“Last year, rents peaked in July at £1,367 per property, on average.”
Between May and June, average rents rose by 4% month-on-month to £1,225 — with all but one region recording an increase in rents.
The highest monthly rise was posted in the South West, up 14%, followed by the North East, 4% higher, and North West, which also rose 4%.
The West Midlands saw a small reduction in average rental prices, edging 0.4% lower.
Void periods significantly shortened in June. The average void period — the number of days a property remains vacant between tenancies — was 17 days in June. This is down from 21 days in May.
However, June’s 17-day average for void days was, slightly longer than last June, when the average was 16 days.
Goodlord chief executive William Reeve says: “There is a lot of discussion as to whether the pace of rental price rises is starting to slow. The next three months — which typically bring the annual peak in rents — will settle this debate.
“Right now, if this year’s current trajectory of consistent 6% to 7% year-on-year rent rises continues, we’ll see new records broken across England.
“And while a lot of the current signs indicate that this might be on the cards, we would need to see a very sizeable jump in rents over the next four to eight weeks to surpass 2023 averages.
“However, it’s safe to say that market demand clearly remains very strong and that this continues to push rents up month-on-month.”
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