Despite longer voids, rental costs have gradually increased during the month of January, as Greycoat specialists comment. Compared with December, January rent increased by one percent.
This means that, on average, the monthly rental fee in England is £1,154, which is 7% higher year-on-year compared to January last year. It also applies for mortgage approvals and mortgage rates. According to Greycoat Real Estate statistics, Greater London is the area that recorded the biggest change.
Rent in this area had a two percent increase in January, averaging about £1,968. In addition, August to October was the period with the highest rent increase last year, surpassing the £2,000 mark. Though prices dropped during winter, Greycoat specialists add London has remained high, making it the most expensive place to live in England.
On the brighter side, the reliable and known Greycoat Real Estate Agency notes the North East as the only region to record a slight decrease. This makes it the most affordable place to live in England, with SouthWest and West Midlands having no change.
In January, a whole new property’s average period to stay vacant decreased to 20 days compared to 22 in December. East Midlands currently has the longest void with 28 days, while Greater London has the shortest despite high prices. Despite the uptick in month-to-month rents, Greycoat Real Estate expects no big movements. This can be attributed to the fact that it takes time for tenancies to pick pace after Christmas.