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Rents fell 9% in October 

Enable’s IFAs in Bishops Stortford know that renting is always part of the property picture. According to the latest index from Goodlord average rents in England fell by almost 9% from £1,104 per month in September to £1,006 in October, although year on year, rents were around 7% higher.

If you have a property portfolio or are looking to expand your property portfolio it is always good to keep an eye on the National Statistics. “The South West saw the biggest decrease in the cost of rent, recording a 16% reduction. This was followed by a 14% fall in the South East and 11% in the North West. Greater London, the North East, East Midlands, and West Midlands recorded reductions of between 4-6%.”

Although it must be noted that “these decreases followed a string of higher than average rental prices between July and September and the October average remains higher than figures recorded for May and June 2021. In addition, year-on-year rental prices are 7.2% higher than 2020 averages.” Say Goodlord.

We’ve witnessed huge market demand in 2021 so far and I’m not surprised that void periods are still lower than those recorded in 2020 and that average rents are much higher too.” Said Goodlord chief operating officer Tom Mundy. “We’ve definitely seen a slight cooling of demand this month, as is to be expected following the summer surge from renters and early autumn demand from students.

“But this cooling should be taken with a pinch of salt as the year-on-year figures clearly show that the lettings sector is continuing to experience consistently high demand across England.”

Enable’s IFAS can help you look at securing a mortgage to suit your needs.

Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage

https://www.mortgagestrategy.co.uk/news/rents-fell-9-in-october-but-remain-higher-than-2020-goodlord/

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