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Summer Slowdown Continues for 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.
The latest data from the Agency Express Property Activity Index, has revealed a further decline in activity for the UK lettings market in August.
National month on month figures for properties ‘To Let’ sat at -3.2% and figures for properties ‘Let’ at -1.9%. However, looking at the Index’s rolling three monthly data figures from June to August are more resilient, with new listings ‘To Let’ at 0.4% and properties ‘Let’ at 1.4%. The index’s historical data also shows us that during the same period in 2017, activity across the lettings market was slower with new listings at -1.8% and properties ‘Let’ at -1%.
Observing activity across the individual regions recorded by the Property Activity Index, four of the twelve regions reported increases in properties ‘To Let’ and five reported increases in properties ‘Let’.
This month’s top performers were the East Midlands and Scotland. Following a slowdown in July the East Midlands bounced back with new listings at 19.6%, reporting a record best increase for the month. Scotland followed suit with figures for properties ‘Sold’ at a robust 11.3%.
Other regional hotspots included:
Properties ‘To Let’
• Scotland 13.1%
• Wales 4.7%
• Yorkshire and Humberside 2.8%
Properties ‘Let’
• Wales 8%
• Yorkshire and Humberside 7.9%
• East Midlands 7%
• North West 4.2%
The largest declines in this month’s index were made in the South East and Central England. New listings ‘For Sale’ in the South East fell for the first time since May at -13.6%, while properties ‘Let’ in Central England fell for a second consecutive month at -10%.
Commenting on the latest index, Stephen Watson, Managing Director of Agency Express said: “This month the UK lettings market has seen some seasonal decline. Looking at the index’s historical records, while we have seen some positive figures from our rolling three monthly data, year on year we have witnessed a decline. Moving in to September we would expect to see a spike in figures but it will be interesting to see if usual activity resumes.”
