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As temperatures rise and flip-flops hit the pavement, the real estate market is sizzling too. June marks the high season for rentals, and this year, the heatwave is real. Let’s dive into the numbers and explore what’s cooking in the rental world.
1. The Numbers Don’t Lie
According to the latest figures from the Goodlord Rental Index, rents in June 2024 soared by 6.7% year-on-year. That’s right—the average cost of an English rental property now dances around £1,225. The South West takes the crown for the highest year-on-year rise, with prices jumping 13.1% to £1,347. It’s like the real estate market decided to throw a summer party, and everyone’s invited.
2. The Dance of Supply and Demand
Why the sudden surge? Well, June is when demand kicks into high gear. Students, professionals, and sun-seekers all want a piece of the rental pie. And landlords? They’re doing the cha-cha with their rental listings, hoping to catch the rhythm of rising prices. It’s a tango of tenants and landlords, with contracts as their dance floor.
3. The Voids Whisper
But wait, there’s more! Void periods—the days when properties sit vacant between tenancies—have done a quickstep. In June, the average void period was 17 days, down from 21 days in May. That’s a 19% reduction! It’s like the market whispered, “Let’s keep the dance floor busy, shall we?” And so it did, with tenants pirouetting into new homes faster than ever.
4. Conclusion: The Beat Goes On
As we sip our iced coffees and fan ourselves, one thing is clear: the rental market is grooving. Will the beat continue? Only time will tell. But for now, let’s shimmy through summer and see where the real estate rhythm takes us.
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Disclaimer: The information provided in this article is for informational purposes only and should not be considered financial advice. Consult a professional advisor for personalized guidance.
