The Goodlord Rental Index shows a substantial 7.3% year-on-year rental growth in England during November. As a result, the average rent sits at £1,666 PCM.
Those statistics show the most significant rental growth percentage in the North West, rising 11% compared to last year.
Other notable rental growth regions include the East Midlands, North East, South West, South East and West Midlands – though no other region comes close to the North West, where cities like Liverpool and Manchester continue to attract tenants willing to pay premium rents.
Goodlord chief executive William Reeve said: “Whilst month-on-month patterns continue to follow the predicted seasonal ebbs and flows, the year-on-year data highlights how much the market has changed over the last 12 months.
“Rents are up by over 7% compared to November 2022, reflecting the intensity of demand the market has experienced since then.”
The winter period is one of the slower seasons for lettings. However, market demand is undeniably intense, enough to keep rents steady compared to October figures. Learn more about choosing the best place to invest in property in the UK with our free resource.
However, on a month-by-month basis, rental costs fell by 2% from October to November. In previous years, the drop in average price between these two months has often been more severe.
