The rental market in England continued its cooling trend in November, with average rents falling by 3% since October. According to Goodlord’s latest Rental Index, the average monthly rent for a property in England dropped to £1,205 in November, down from £1,238 in October. This decline signals a further slowdown in the pace of year-on-year rent increases, which fell to just 3% in November—a sharp contrast to the 10% rise recorded in August…

Regional Rent Reductions

All regions across England saw rent reductions for the second consecutive month. The North West experienced the steepest monthly decline, with average rents plummeting by nearly 6%, dropping from £1,022 in October to £966 in November. Meanwhile, the South West, which saw a dramatic 24% decline in rents the previous month, continued to see prices fall, decreasing by another 4% from £1,259 to £1,210.

Void Periods Lengthen as Demand Eases

As demand for rental properties continued to cool during the autumn, the average time homes remained vacant between tenancies increased. Void periods extended from 19 days in October to 21 days in November, approaching the year’s high-to-date of 22 days, recorded in January.

This 10% month-on-month increase aligns with seasonal trends; in November 2023, average void periods were just one day shorter than this year. The North East and North West saw the most significant changes, with void periods in both regions jumping 35%, from 17 to 23 days.

Experts Look Ahead to 2025

Goodlord CEO William Reeve commented on the recent trends:

“Rents on new tenancies continued to fall in November, and year-on-year price increases have softened even further. The lengthening of void periods is also consistent with seasonal expectations, as demand naturally slows down during the run-up to Christmas.

“This quieter period may provide agents with a much-needed pause before what promises to be a seismic 2025, when the Renters’ Rights Bill becomes law.”

With November marking the second month of significant rent reductions and void periods extending across England, the rental market is poised for substantial changes ahead of the legislative shifts set to take effect in 2025.

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