1. Month-on-month prices hold broadly steady

Despite the onset of what is traditionally a slower season for lettings, sustained market demand saw rents hold steady in November when compared to October figures. Rents are marginally down (by less than 2%) compared to October, with average rents now at £1,166 across England.

This follows a long-established trend of confirmed rents dipping slightly between October and November - with a month-on-month decrease recorded by the Index for five years in a row (2019-2023).

The East Midlands, South East, and West Midlands saw almost no movement in prices during November; with shifts of less than 1%.

The biggest change was recorded in Greater London - a region which has seen a reduction in rents between October and November each year since 2019. Last month, Greater London saw a 4% drop in average rent for new tenancy agreements. This follows an intense period of price escalation in the capital and takes average prices for new tenancies back to their June and July levels.

2. Average voids lengthen as days shorten

The average void period lengthened from 18 days to 20 days during November, an 11% increase. This average - 20 days - is the same void period as recorded in November 2022.

Numbers held fairly steady across the majority of regions when compared to October. The South East, however, was the only region to record shorter void periods over the last month - where averages dropped from 18 days to 17.

The most notable changes to void periods were recorded in Greater London (up from 12 days to 16) and the South West (up from 16 days to 26).