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Spring Slowdown Recorded in the UK Lettings Market
This article is an external press release originally published on the Landlord News website, which has now been migrated to the Just Landlords blog.
Following a buoyant month for the UK lettings market in March, the latest figures from Agency Express’ Property Activity Index have shown a spring slowdown for April.
The report reveals a decline in both the number of properties to let and the amount of properties let last month, marking an unusual spring slowdown for the UK lettings market.
Across the country, the number of properties to let dropped by 9.4% on a monthly basis in April, while the amount of properties let fell by 9.1%.
Just two of the 12 regions included in the Property Activity Index reported growth in the number of properties to let and properties let. April’s top performing regions were London and the South West.
The number of properties to let in the capital rose by 10.7% in April, while the amount of properties let in the South West was up by 5.2%. Looking back over Agency Express’ historical records, we can see that both regions have also recorded year-on-year increases.
Other top performing regions, which recorded the smallest declines in April, included:
Properties to let
- Central England: -1.7%
- Yorkshire and the Humber: -4.6%
- West Midlands: -5.9%
- Wales: -8.3%
- North West: -8.9%
Properties let
- Yorkshire and the Humber: -1.0%
- Central England: -2.8%
- Scotland: -4.6%
- East Midlands: -6.4%
- North East: -6.4%
The greatest decrease in April’s index was recorded in Wales. The number of properties let dropped by 25%, marking the region’s largest month-on-month decline for April since 2015. Looking at the index’s rolling three-monthly data, the overall fall is lower, with the amount of properties let down by just 4.5%.
Stephen Watson, the Managing Director of Agency Express, comments: “We traditionally see a slowdown in activity throughout April and this month is no different. However, if we look back on the Property Activity Index’s historical records, we can see that the declines made this year are less than 12 months previous. As we now move into what is usually a robust period for the market, we would hope to see a fairly robust spike in activity.”
