Propertymark’s latest research reveals that overall tenant demand continues to outstrip supply, with around eight new applicants registered for each available property in July 2024.
The average cost of a new rental home in England was 7% higher in August compared to the same time last year. In August 2023, rents sat at £1,347. Over the last month, this had risen to £1,438—a rise of £91 per month, according to Goodlord. Prices in August 2024 remained above the £1,400 threshold for only the second month on record, after the barrier was breached for the first time in July.
According to ONS, the length of void periods is a good indicator of how dynamic the market is. The average void period decreased slightly in July 2024.
