The latest Rental Index from Goodlord reveals a notable rise in April rents, with a year-on-year increase of nearly 6%, bringing the average price per property to £1,166 per month. Throughout April, voids across England remained consistent, aligning with figures from the previous year. Comparing the average property price for April to that of April 2023, we see a notable rise, with prices increasing from £1,103 to £1,166.

The most significant year-on-year changes were observed in the South West, where average rents surged by 11% compared to the same period last year. In the South West region, average monthly rents have climbed from £1,062 per property to £1,184.

On the other hand, Greater London experienced a more modest increase of 3% in rents compared to 2023. Rents across England saw a slight month-on-month increase of 0.6% between March and April, rising from an average of £1,160 to £1,166.

The East Midlands witnessed the most significant month-on-month shift, with rents increasing by nearly 3% compared to March.

Only two regions saw a reduction in rents, with the West Midlands experiencing a decrease of 1%, and Greater London seeing a slight decrease of 0.15%.

Greater London retained its position with the highest rents at £1,951, while the North East had the lowest at £863 per month.

The average void period in April remained unchanged from the previous month, standing at 19 days. Greater London was the only region to see a reduction in voids, dropping from 16 to 15 days.

William Reeve, CEO of Goodlord, commented on the data, stating, “The latest data show that year-on-year rent rises continue, with rents up 6% compared to this time last year. Although inflation has now dropped to 3%, the ONS is reporting earnings growth of 6%. Rents neither outpacing nor lagging earnings implies the market is stabilizing – an idea supported by what we see with voids which are tracking closely to the 2023 figures.”