Rents held steady across England, despite a varied picture for voids. The average cost of a rental property in England rose slightly from £866.64 to £875.46. The rise was driven by prices increasing slightly in the East Midlands, Greater London, the North East, North West and South East.
The biggest rise was recorded in the North East, with the region recovering from a month of weaker rent prices in December; the average increased from £685.50 to £732.21.
The South West saw average rents drop by 2%. Rental costs held steady in the West Midlands .
Average monthly rent across UK regions throughout 2020.
The average void period for a rental property in England rose from 21 days in December (a month which saw a remarkably brisk market) to 24 days in January, as lockdown restrictions and festive delays created some lag on the speed at which tenants finalised lets.
The biggest change came in the North East, where voids jumped from 21 to 29 days. As a result, the North East now tops the table for voids.
The East Midlands also saw a marked slowdown; voids increased from 20 to 26 days.
Greater London, the South East, and North West all saw more modest increases of less than 4 days. The South West saw no change month on month.
Average void periods in days across UK regions throughout 2020.
After a worrying dip in the average salaries for tenants in December, January provided a more encouraging outlook. The annual salary of an English renter increased by 6% from £24,930 to £25,175. Similar figures were recorded between July and October 2020.
The 6-month rolling average for salaries in England is now £24,653, following a decline throughout November and December 2020.
Average tenant salary across UK regions throughout 2020.