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New index shows regional variations in tenants, voids and tenancies

Wednesday 13 March 2019

A new index for the lettings sector in England and Wales reveals that London has the shortest void periods and the longest fixed term tenancies

The analysis of tenancies by PropTech company Goodlord according to average rent, void periods, tenancy length, tenant age and income, shows wide regional variations.

Goodlord says that in February London had the country’s highest rent - at an average of £1,619 per month, which was 114 per cent higher than the typical rent in the rest of England and Wales.

London also had the shortest void periods - an average of just 13 days - while it also revealed the longest fixed term tenancies, at 14 months; this was a full three months longer than in the south east, the region with the second longest tenancies.

Across the country as a whole, tenants typically spent some 29 per cent of their income on rent.

Tenants in London have the highest average income, at £36,000, while tenants in the North East have the lowest average income, at £17,000.

The index splits England and Wales into eight regions and its measurements are:

North West:

Average rent - £752
Average void - 27 days
Average tenancy length - 9 months
Average tenant age - 32
Average annual tenant income - £20,000.

North East:

Average rent - £635
Average void - 24 days
Average tenancy length - 9 months
Average tenant age - 31
Average annual tenant income - £17,000.

Wales:

Average rent - £693
Average void - 15 days
Average tenancy length - 9 months
Average tenant age - 32
Average annual tenant income - £23,000.

West Midlands:

Average rent - £689
Average void - 33 days
Average tenancy length - 9 months
Average tenant age - 33
Average annual tenant income - £18,000.

East Midlands:

Average rent - £864
Average void - 32 days
Average tenancy length - 9 months
Average tenant age - 33
Average annual tenant income - £23,000.

London:

Average rent - £1,619
Average void - 13 days
Average tenancy length - 14 months
Average tenant age - 32
Average annual tenant income - £36,000.

South East:

Average rent - £967
Average void - 23 days
Average tenancy length - 11 months
Average tenant age - 34
Average annual tenant income - £25,000.

South West:

Average rent - £878
Average void - 23 days
Average tenancy length - 9 months
Average tenant age - 34
Average annual tenant income - £19,000.

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