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Rents decline in 7 out of 20 regions in England & Wales
01/10/2020

 

 

 

 

 Since March (lockdown), average rents have dropped, according to Howsy.

 

They compared the average rent paid between the start of the year and lockdown, finding that rent costs in most regions had climbed at least 2%. The most significant increase was shown in the East Midlands at 4.4%.

 

Since lockdown on the 16th March and the introduction of an eviction ban on the 26th, many landlords have seen declining rental incomes. Average rent paid across England has declined by as much as -3.4%.

 

London has been one of the worst hit regions, with the average rent paid dropping to -7.9%. The South East has seen a similarly high drop at -7.7%.  Notable reductions can also be seen in the East of England (-3.1%) and Yorkshire and the Humber (-2.5%).

 

However, though the North West and North East have seen drops in the rate of growth compared to the first half of the year, average rental incomes since lockdown have seen a slight increase. These figures are 1.3% and 1% respectively.

 

 

Here at Tempo, we continue to support our landlords through these uncertain times. We are always available to offer advice and guidance on letting your home, just give us a call on 01772 633399.

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