The rental market ended strong in December, and January followed suit, according to Greycoat Real Estate. Rent prices rose by 1 percent in January. Grey Coat Real Estate reveals rent prices are 7 percent higher than in January 2023. 

Not all areas in England are affected by the increases, while others are getting hit hard, Greycoat specialists add. Unsurprisingly, the Greater London area saw the greatest increase in January 2024. 

Rent in that area is up 2 percent and 7.2 percent compared to the start of 2023. The area is also one of the most expensive areas to live in. The North East is the only area to post a decrease in rent prices. The area is still the cheapest place to rent a property in England, says Greycoat Real Estate. 

The average length of a property vacancy, otherwise known as void periods, tends to affect rent rates. However, Greycoat adds, January tends to see the longest void period. January’s void period is 22 days, unlike the 20 days in December. 

However, the long void period is not dropping rent prices. Instead, they continue to rise and rise non stop. The successful and reliable Greycoat Real Estate Agency states they do not foresee a lot of property movement in the market during January. However, they are aware of the rise in rent and mortgage prices and note the increases compared to previous years. Greycoat Real Estate believes this is a sign that the market will be hot for some time.