Only one region recorded a decline in the cost of rent. The East Midlands saw costs drop by 1.08%.
The highest prices are found in Greater London, where the average cost of a rental property is now £1,965 per month.
Rental costs have risen for six consecutive months, with prices now at their highest level recorded since September 2022. The highest average rents last year were recorded in September, when costs hit a peak of £1,249.
Cost of rent per property:
| Region | May 2023 | June 2023 | Month on month % change Previous Month |
|---|---|---|---|
| East Midlands | £941 | £931 | -1.08% |
| Greater London | £1,903 | £1,965 | 3.28% |
| North East | £818 | £865 | 5.81% |
| South East | £1,219 | £1,229 | 0.81% |
| South West | £1,092 | £1,191 | 9.11% |
| West Midlands | £919 | £943 | 2.62% |
| England | £1,111.28 | £1,148.70 | 3.37% |
During another month of rental cost rises, another key indicator that the market is heating up for summer can be seen in the void figures.
During June, void periods in England fell by an average of three days – dropping from 19 to 16 days on average – a reduction of 15%.
The biggest change was recorded in the South West, traditionally a region that sits in the middle of the pack when it comes to void averages. But a surge of demand in the area saw voids drop from 20 days to just 11 – a huge 45% shift. This means the South West had the lowest void periods in England during June.
Three further regions saw double-digit declines in voids – the North East (-16%), North West (-15%) and the West Midlands (-21%).
However, two regions saw an uptick in voids during June. Numbers were up by 15% in the East Midlands (rising from 20 days to 23) and by 16% in Greater London (up from 12 to 14 days).
| Voids per region | May 2023 | June 2023 | Month on Month % change |
|---|---|---|---|
| East Midlands | 20 | 23 | 15.0% |
| Greater London | 12 | 14 | 16.7% |
| North East | 18 | 15 | -16.7% |
| North West | 20 | 17 | -15.0% |
| South East | 17 | 16 | -5.9% |
| West Midlands | 23 | 18 | -21.7% |
| England average | 19 | 16 | -15.8% |
Oli Sherlock, director of insurance at Goodlord, commented: “We’ve now seen six consecutive months of price rises and we predict this to continue throughout the summer. The fairly sizable drop in void periods during June also reflects this intensification of demand, as tenants snap up properties as soon as they come on the market.
“We’ll likely see prices and demand peaking as we hit the start of the academic year and, whilst things normally begin to cool down over the autumn and winter, if supply issues continue we could see this pressure on rental stock continue, affecting all industry stakeholders.”
Full data breakdown Sept 2022 – June 2023:
| September 2022 | October 2022 | November 2022 | December 2022 | January 2023 | February 2023 | March 2023 | April 2023 | May 2023 | June 2023 | |
|---|---|---|---|---|---|---|---|---|---|---|
| East Midlands | £1,010 | £940 | £913 | £894 | £924 | £940 | £914 | £946 | £941 | £931 |
| Greater London | £2,055 | £1,909 | £1,883 | £1,843 | £1,851 | £1,842 | £1,855 | £1,897 | £1,903 | £1,965 |
| North East | £890 | £810 | £789 | £800 | £778 | £796 | £801 | £819 | £818 | £865 |
| North West | £989 | £903 | £858 | £855 | £862 | £889 | £877 | £880 | £888 | £917 |
| South East | £1,420 | £1,194 | £1,187 | £1,160 | £1,177 | £1,208 | £1,202 | £1,210 | £1,219 | £1,229 |
| South West | £1,422 | £1,126 | £1,095 | £1,066 | £1,063 | £1,054 | £1,080 | £1,062 | £1,092 | £1,191 |
| West Midlands | £962 | £901 | £887 | £882 | £879 | £893 | £906 | £908 | £919 | £943 |
| England | £1,249.81 | £1,111.89 | £1,087.32 | £1,071.33 | £1,076.43 | £1,089.04 | £1,090.57 | £1,103.19 | £1,111.28 | £1,148.70 |
