English rents fell for a fifth consecutive month in December, declining by 2% from November.
This means rents in England ended the year 19% lower than the averages recorded in July 2024, according to the Goodlord Rental Index.
In July, the average rent in England rose to £1,470 per property per month. This has since fallen to £1,185 in England, but this is still higher on a year-on-year basis.
In December 2023, the average monthly English rent was £1,147.
This was still the smallest year-on-year rise recorded for rents in 2024 with Goodlord attributing this to December traditionally being one of the quietest months for new tenancies.
Between December 2023 and December 2024 rents in England grew the most in the South East, by 5.7%, to £1,328.
The North East recorded the lowest rental growth of any English region over this period, at 2%, and in December 2024 had the lowest average rent at £952.
Goodlord also analysed void data and found there to be no month-on-month change during December, which remained at 21 days across England on average.
This is only up slightly from the void average of 20 days recorded in December 2023.
Reflecting on these findings, Goodlord CEO William Reeve warned that this could be a temporary lull before rents begin to rise in 2025.
“This could be the calm before the storm and that rents will see another major spike in 2025,” said William.
“With the introduction of the Renters’ Rights Bill, bidding wars will be outlawed, meaning asking prices are likely to be set that bit higher.
“Likewise, the new compliance requirements landlords must meet will also drive up costs, some of which could be passed on to tenants.
“Whilst 2024 was a huge year for lettings, 2025 has the potential to bring even more upheaval and change.”
