UK rents held steady in September averaging £1,346.28 per property from the month before, Goodlord data shows, but prices in London and the South East soared to record levels last month.
National rents saw lettings fall by just 91p in September compared to August, although strong demand for lettings kept rents nearly 8% higher than prices a year ago, according to the platform’s latest Rental Index.
However, in London, renters are now paying £2,275 per property – a 6% lift month-on-month and the first time the index has recorded an average cost above £2,200 for the capital.
While in the South East, rental costs topped £1,500 for the first time, coming in at £1,524 on average — a 2% rise on August.
By contrast, there were month-on-month falls in average costs for renters in the East Midlands (down 5% to £1,076), the North East (down 7.4% to £939), and the South West (down 3.7% to £,1493).
The report adds: “As rental prices held up in the face of demand, voids also saw minimal movement.”
Average void periods in England rose by 1 day during September, lengthening to a new average of 14 days from the previous month.
Greater London — which saw the biggest increase in rental costs — also saw the biggest fall in voids, down 9% to 10 days from 11.
The West Midlands has posted the longest void periods for the last three months in a row, rising by 22% to 22 days in September from 18 the month before.
Goodlord chief executive William Reeve says: “While this September didn’t bring the nationwide bump in rental prices we saw last year, records were smashed across London and the South East — with rental costs there now significantly higher than their 2022 and early 2023 levels.
“The onset of autumn typically brings a period of stability when it comes to prices, but with pressures on the market more intense than ever, we doubt September represents an end to the cycle of price setting which we’ve seen over recent months.”
