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  • Writer's pictureSarah Ruivivar

Peak Rent Rises Right Now: Latest Index

Image credits: ModelProp / Midjourney

The latest figures from the Goodlord Rental Index reveal that rents in June 2024 have soared by 6.7% year-on-year.


The average rent for tenancies confirmed in June hit £1,225, up from £1,149 in June 2023.


Regionally, the South West leads the pack with a staggering 13% increase, pushing average rents from £1,191 to £1,347. London also made headlines, breaking the £2,000 mark for the first time this year, with average rents at £2,010, a 2% rise year-on-year.


June marks the start of the rental market's 'high season,' typically peaking between June and September. Last year, rents peaked in July at £1,367 per property, and if trends continue, we can expect even higher figures next month. Between May and June, average rents rose by 4%, with the South West seeing the highest monthly rise at 14%.


 

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Interestingly, void periods have also shortened significantly. The average void period in June was 17 days, down from 21 days in May, although slightly longer than the 16 days recorded in June 2023.


William Reeve, CEO of Goodlord, notes, “There is a lot of discussion as to whether the pace of rental price rises is starting to slow. The next three months will settle this debate. Right now, if this year’s current trajectory continues, we’ll see new records broken across England.”


So, buckle up and stay tuned. The rental market is heating up, and the next few months promise to be a rollercoaster ride for rents across the UK. Keep an eye on our blog for the latest updates and insights!



 

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