England’s rental market continued to settle in November, with average rents down 3% since October, according to research by Goodlord.
The average monthly price for a rental property in England dropped to £1,205 in November, a £33 decrease from last month’s £1,238.
Void periods lengthened as the market cooled off after a summer of high demand.
Year-on-year rent rises reached an annual low in November, with average rents rising by just 3% compared to the same time in 2023.
This marked a significant decrease from August’s 10% year-on-year increase.
The North East recorded the largest regional increase, with rents up 4% in the past 12 months, while the North West saw prices increase by less than 1% over the same period.
Salaries for new renters dipped slightly in November, down from £37,997 to £37,688 – a reduction of 0.8%.
This ended a two-month period where year-on-year salary increases outpaced rent rises.
Every region in England recorded a drop in prices for the second month in a row, with the biggest reduction occurring in the North West, where rents fell nearly 6% from £1,022 in October to around £966 in November.
The average time that rental properties lay empty between tenancies was extended in November, with average void periods lengthening from 19 days in October to 21 days in November.
William Reeve, CEO of Goodlord, said: “November’s Rental Index figures are confirmation if it were needed that the market is settling down as we head into 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.
“Meanwhile, the lengthening of void periods is to be expected for this time of year, as demand for properties cools after the summer scramble and in the run up to Christmas.
“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.”
