Average rents across England fell by 11% to £1,111 during October, taking the “intense heat” out of the tenancy market, says Goodlord.
Rents slipped to their lowest levels since June, according to the lettings platform’s latest Rental Index, which adds that voids rose by 20% to 18 days from 15.
The study says all seven of the regions it monitors posted a reduction in prices, as “the intense heat felt across the lettings market over recent months appears to have cooled somewhat”.
The South West saw the biggest reversal, after prices surged during the summer, to fall 20% to £1,126 last month.
The West Midlands saw the smallest fall, with prices slipping by 6.3%.
However, rental prices remain up by 10% on average, when compared to 2021 prices, the report points out.
Six out of seven regions recorded a rise in voids, with the shift more pronounced in certain areas.
Voids in the North East doubled during October, rising from 9 days to 18. And averages in the South East jumped from 13 days to 19.
The only region to see a reduction in voids was the West Midlands, where averages dropped to 19 days from 23.
However, voids are 5% lower year-on-year, compared to 2021 figures, the survey says.
The report adds that the average annual income of tenants rose 2% to £30,717 per person during October.
Goodlord chief operating officer Tom Mundy adds: “The market has been red hot for several months and we’ve had a consistent trend of rising prices and ever-lower voids.
“As we head towards winter, we would expect to see a cooling of activity and so it’s no surprise that the streak of ever-rising prices is beginning to dissipate.
“However, it’s vital to remember that, in year-on-year terms, prices are much higher than in 2021 and voids are lower.
“In this context, it’s clear that the market remains very busy and pressure on available stock will continue whatever the weather.”
