The report also states that there were substantial rental increases across England month-on-month. Between June and July 2024, rental costs soared by 20%.
Two regions in particular saw massive rises compared to the previous month. July rents climbed by a staggering 40% compared to June in both the North West and South West. This will likely affect Liverpool rental yield and other major cities in these regions.
William Reeve, CEO of Goodlord, says: “These July figures show another remarkable increase in rents. We’ve become used to seeing steady year-on-year increases since 2020, but there were indications that the striking numbers last summer might start to level off. This argument has been dramatically disproven.
“July’s figures have smashed rental price records and set a new baseline for the market’s busiest months. At the same time, voids have notably shortened, further highlighting the squeeze on supply. For tenants, the new Government’s moves to accelerate house building can’t come soon enough.”
