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October was a Mixed Month for the Lettings Market, Agency Express Reports
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 Property Activity Index by Agency Express has revealed another mixed month for the UK lettings market in October.
Following similar trends to those recorded in September, the number of new property listings in the lettings market rose by a further 7.2% in October on a monthly basis, while the amount of properties let dropped for a third consecutive month, by 4.9%.
However, looking back at Agency Express’ historical records, year-on-year comparisons show that the overall decline in properties let is marginally less than this time last year.
Across the UK, 11 of the 12 regions included in the index experienced growth in the number of new property listings, with just two recording increases in the amount of properties let.
A particularly buoyant market was seen in central England, which recorded rises in both new listings, of 13.7%, and properties let, of 5.0%. The greatest increase in this month’s index was in the North East. The number of new listings grew by a robust 17.8%, however, the region also recorded the greatest decrease in the amount of properties let, of 14.9%.
Other prominent performers in October included:
New property listings
- Yorkshire and the Humber: +17.7%
- South East: +15.7%
- Wales: +10.9%
- East Midlands: +8.5%
- Scotland: +8.3%
Properties let
- North West: +0.3%
The only region to record declines in both new property listings and the number of properties let was the South West. New listings dropped by 0.7%, while the amount of properties let was down for the third consecutive month, by 2.3%.
The Managing Director of Agency Express, Stephen Watson, comments: “As we look back at historical data recorded by the Property Activity Index, we can see that a decline in let properties is characteristic for October.
“However, we have seen an early slowdown in let board movements and, if trend dictates, it will continue until the New Year. So, while year-on-year figures are still relatively on par, the end of year figures may look somewhat different.”
Yesterday, we released Landbay’s latest rent price statistics. You can read them here: http://landlordnews.co.uk/east-midlands-highest-rent-price-growth/
