Average time to let soars thanks to lockdown
Rents on renewed tenancies fell for the second month in a row according to data from Hamptons International.
In April the average rent on a renewed tenancy stood at £925 pcm, which was down 1.1 per cent year-on-year.
Rental growth on renewed tenancies has continued to slow – it was down 0.5 per cent annually in March after being up 1.5 per cent for the year in February.
Meanwhile the agency says in the lockdown month of April it took 29 days on average to let a rental home in Great Britain, five days longer than a year earlier.
The four slowest regions to let a property were in Wales, Yorkshire & Humber, the South East and the North East – all 33 or 34 days.
The South West, which up until last month had seen some of the strongest rental growth, was the quickest region to let a home – an average of 25 days.
Demand for one-bedroom homes means that these usually rent the fastest, however this changed last month when three-bedroom homes let the quickest.