Record breaking rents continue

After breaking records in July, rents remained sky high in August—topping the £1,400 threshold for the second month in a row, says Goodlord’s latest Rental Index. The average rent for a property in August was £1,438, slightly lower than the record figure of £1,470 recorded in July. Year-on-year, however, rents are up by nearly 7%.

Greater London was the only region to see a shortening of voids, with void periods reducing from 13 days to 12 days in August.

The Index also recorded a reduction in salaries for renters signing new tenancy contracts in August, with average pay down from £38,086 in July to £36,719 in August—a reduction of 3.6% month-on-month. Year-on-year, salaries are now up by 0.86%, compared to a 7% rise in rents.