Voids hit what has been described as an historic low in recent weeks, according to PropTech firm Goodlord.
It says the average void period in England as a whole dropped by 41 per cent in July – moving from 17 days to just 10 days on average. Every region monitored saw a significant reduction in voids.
This was driven by a surge in demand for student lets, with the North West and the South West seeing the biggest proportional fall in voids. The lowest voids in England can now be found in the South West, at just five days.
The highest voids, at 17 days, are in the West Midlands. However, this is still down from 24 days in June, a drop of almost a third.
At the same time average rental prices in England have risen by a huge 17.96 per cent during July, taking the typical cost up from £1,050 in June to £1,238.
This is the highest average ever recorded by Goodlord, and again the PropTech supplier says it’s all down to students.
Every region monitored saw an increase in the cost of rent. The highest rise was seen in the North West, where prices jumped by a staggering 44 per cent. Students renting in the region, which is home to a huge range of universities including Manchester and Liverpool, are behind the surge. Average costs in the North West are now £1,213, up from £838.
The next biggest jump was recorded in the South West – home to universities including Bristol, Bath and Exeter – with price averages increasing by 36 per cent. This takes the average cost of a rental property in the region up from £1,130 to £1,539.
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