The UK rental market cooled in October, with monthly rents falling by more than 12% and year-on-year increases narrowing to their lowest level in a year, according to the Goodroad Rental Index.
On a monthly basis, prices fell 12.6% from £1,417 in September to £1,238 in October. 
This notable fall follows the July-September period, when rents soared above the £1,400 barrier for the third month in a row.
Rent prices fell the most in October in the South West, where prices fell by 24%. This was followed by a 16% rent cut in the South East and an 11% rent cut in Greater London.
On an annual basis, rents in October rose 4% compared to the same period last year.
This month, the average rent for a property in England was £1,238, while in October 2023 the average rent was £1,190.
In Greater London, rents rose just 2% year-on-year in October, but the highest rates were recorded in the West Midlands, where rents rose nearly 6% year-on-year.
Meanwhile, the average blank period increased from 15 days in September to 19 days in October, an increase of 27%.
The number of void days last reached 19 days in April 2024, but fell to 11 days in July, the lowest since the beginning of the year.
The gap in October 2023 was 18 days. This means that the year-on-year change in the gap period is negligible.
Other data shows average salaries for renters who signed a lease in October increased by 1.7% from £37,350 to £37,997. On an annual basis, this means a salary increase of 5.15%.
“Reading between the lines of last month's numbers, there were signs that market softening was on track, and the latest indexes support this theory,” said William Reeve, CEO of Goodroad. said. Due to the tenancy agreement in October, rent decreased and the year-on-year increase slowed, but salaries increased slightly. ”
“These numbers will be welcome for tenants who were pushed to the edge of affordability over the summer. At the same time, this data will help landlords and agents move into a more manageable era. They have worked extremely hard to respond to market demands while also dealing with the huge regulatory changes that are coming.”
