The average cost of renting a property has hit a year-to-date high of £ 1,104, according to Goodlord’s latest rental index.

Overall, September rents were 6.94% higher than September 2020.

The North West has seen a significant increase in the average cost of a rental property, with prices rising 11% from £ 807 to £ 901.

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Ownership: Examination of the threshold required for stamp duty

London also saw an increase of 2.5%, bringing the cost of a rental property in London from £ 1,725 ​​to £ 1,770. The West Midlands posted a 1.5% increase.

However, the East Midlands, North East, South East and South West have all seen decreases in the cost of rents, ranging from 1% to 5%.

After five months of declining void averages across England, September saw the end of this trend.

There have been increases in empty periods in all areas monitored except Greater London.

However, the average vacuum period across England is still only 17 days, lower than the averages recorded between January and May of this year.

Overall, off-peak periods remain 10.5% lower over one year.

The biggest jumps were observed in the Northeast and the Northwest. The Northeast recorded a 37.5% increase in the average vacuum period, from eight days in August to 11 days in September.

Despite this, the region continues to have the weakest vacuum spells overall, a title it has held for three consecutive months.

The Northwest has seen the voids increase by 38%, taking averages of 18 days to 25 days. This makes it the region with the highest overall vacuum periods.

Greater London saw empty periods drop from 13 days to 12, the only reduction recorded.

The average income of an English tenant also increased in September. Wages have risen from an average of £ 25,264 in August to £ 26,764 last month, an increase of 5.9%.

The average age of an English tenant has also increased to 34. This compares to the average renter in August, who was 32 years old.

Tom Mundy, COO at Goodlord, said: “The year-over-year trends for the rental market are extremely encouraging.

“The vacancies and rents averages in September 2021 compared to last year show how much the market has rebounded.

“Rents are currently very high, on average, and cancellation statistics continue to be lower than expected, which puts the market in a very good position heading into the winter months.”

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