Latest figures reveal that the UK lettings market largely remains buoyant
There has been much speculation over the last year or so from those operating within the lettings industry, with many government changes potentially impacting the way many landlords decide to operate within the market. Despite this, recent data revealed from the Agency Express Property Activity Index has highlighted the fact that the UK lettings market experienced strong increases throughout the summer, with many regions across the country experiencing a rise in both properties successfully let, as well as a rise in the number of new properties being listed for let on the market.
Activity within the letting industry remained stable in the months previous, but June saw national month on month figures for let properties rise to a respectable 7.4%, while new list properties also rose considerably to 7.8%.
Majority of regions recorded lettings increase
When taking a closer look at letting activity across individual regions that were recorded by the Property Activity Index, 10 of 12 regions were found to have reported an increase in property “To Let”, along with 8 regions reporting an increase in the number of properties “Let”.
As expected, London was the best performing location with strong month-to-month increases in both new listings “To Let” at 22.4% and properties “Let” at 12.3%.
Here in Wales, increases were also strong as the country largely followed suit. Figures for let properties remained at 14.7%, but the index’s historical records revealed much greater levels of activity in the twelve months previous for both regions.
Other notable regions recorded in the index include:
Properties “To Let”
Central England - 12.7%
Wales - 11.2%
South East - 10.2%
North West - 8.9%
East Midlands - 7.3%
Properties “Let”
South West - 15.9%
North East - 14.8%
Yorkshire and Humberside - 14.7%
London - 12.3%
Small number of regions recorded a decrease
As far as declines are concerned, the highest decreases were recorded in the North East. Figures revealed that new listings “To Let” were down at -5.6%, while properties “To Let” were also down to -14.8%, making this the regions sharpest decline for the month of June in three years.
Stephen Watson, managing director of Agency Express, remarked that looking back over historical data recorded by the Property Activity Index proves that June is usually a buoyant period for the UK lettings market, and overall a good level of activity has been recorded despite year on year figures remaining down.
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