Rental prices surged by 20% in July across England, with the average cost reaching £1,470, according to Goodlord’s Rental Index.

The North West and South West saw increases exceeding 40%, while the East Midlands and North East experienced 20% rises. Greater London (5%) and the West Midlands (3%) witnessed the most modest changes. William Reeve, Goodlord’s CEO, commented: “July’s figures demonstrate another exceptional increase in rents. “We’ve grown accustomed to steady year-on-year increases since 2020, but there were signs that last summer’s striking figures might plateau.

“This assumption has been dramatically refuted. July’s data has shattered rental price records, establishing a new benchmark for the market’s peak months.” This significant monthly increase brings the annual rise in rental costs to 7.5% year-on-year. Void periods, the average duration a property remains unoccupied between tenancies, decreased from 17 days in June to a mere 11 days in July across England, a 35% reduction. The shortest void periods are now found in the North West at just five days, down from 17, and in the South West at seven days, reduced from 11. The average rental cost in the South West is now £1,905, with the North West at £1,451, making them the second and third most expensive regions after London (£2,103).