Rental voids fall by three days in February: Goodlord | Mortgage Strategy

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Average rental voids fell by three days across England last month, with some regions seeing steeper reductions, according to the latest Goodlord Rental Index.

Days where tenants did not pay rent to landlords in England fell to 21 days in February, down from 24 days in January.

The survey said void periods declined in all but one region across England last month, “as the market picked up pace as it headed into spring”.

It added that “that February was another strong month for the lettings market, with rents holding steady and voids falling as tenants start to look beyond the pandemic”.

The West Midlands saw the sharpest fall, with voids dropping from 26 days in January to just 14 days last month, a level not seen since March 2020.

The North East saw voids decrease by 9 days, while Greater London saw a drop from 25 days to 20 days.

The only region where voids increased was the North West, where rates rose from 23 days to 28 days.

Also, the average cost of rent held firm, with the average for England dropping by just £3, from £875 in January to £872 in February.

The South East, South West and West Midlands all saw the average cost of rent increase slightly. The East Midlands, Greater London, North East, and North West all saw slight falls of between 1 per cent and 2 per cent.

However, the average income of a tenant in England dipped in February. The figure declined by 3.6 per cent from £24,875 to £23,983, the survey reported.

It added, the average across the last 12 months is £24,344, roughly in the middle of January and February data.

Goodlord chief operating officer Tom Mundy says: “It’s been another strong month for the lettings sector and the drop in void averages is a strong indicator for more positive months to come.”

Mundy adds: “Despite much attention being trained on the sales market, the underlying strength of the lettings market over the past year should not be overlooked. With the roadmap now in place and the weather improving, steady rents and declining voids show consistent demand across the majority of England which will only grow as we head into summer.”

London-based property technology firm Goodlord processes over 20,000 tenancies a month.


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