According to the Goodlord Rental Index, 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 cools off after a summer of high demand.
October saw year-on-year rent increases reach 4% – the lowest recorded in the year to date. But that figure fell even further in November, with average rents rising by just 3% when compared to the same time in 2023. In contrast, rents in August were tracking 10% higher year-on-year compared to 2023 rents. The average monthly cost of a rental property in England was £1,205 in November 2024, a rise of £38 compared to the £1,167 recorded in 2023.
With demand continuing to ease through the autumn, the average time that rental properties lay empty between tenancies was again extended in November. Average void periods lengthened from 19 days in October to 21 days in November, just one day short of the year-to-date high recorded in January (22 days). While this extension represents a 10% month-on-month increase, it is broadly consistent with the pattern usually seen at this time of year, with average voids in November 2023 being just one day shorter (20 days) than they were this November.
