Rents in England declined for a second consecutive month in November, falling to their lowest point this year.
According to the Goodlord Rental Index, the average monthly rent for a property in England dropped by £33 in November to £1,205.
This means that November rents are only 3% higher than the same point in 2023.
Across England, rents declined by almost 3% in November after significantly falling by 12.6% in October from the previous month.
November’s rent decline was most pronounced in the North West, where the average monthly rent fell by 5.5% from £1,022 in October to £966 in November.
Declines were registered in all other regions during this time except the South East where there was no change in average rent between the two months (£1,366).
Greater London continues to have the most expensive average monthly rent, despite reducing by almost 3% in November to £2,047.
Void periods also lengthened in November.
Goodlord found that the average void duration for England overall increased month-on-month by 10% to 21 days in November.
Void periods worsened in the North West and North East by 35%.
The average void period is now 23 days in each of these regions.
The West Midlands has the worst average void period of 24 days, with this increasing by 20% from October.
Commenting on these findings, Goodlord CEO William Reeve said the data was a sign of the market “settling down” in the winter months.
“While October’s statistics were certainly more eye-catching, rents on new tenancies continued to fall this month and year-on-year price increases have again softened,” added William, who said such lengthening void periods were to be expected for this time of year.
“While demand remains consistently high, this less frenzied period of activity will hopefully give agents a welcome breather as they get ready for a seismic 2025 when the Renters’ Right Bill becomes law.”
