Record low numbers of properties coming onto the lettings market were recorded in July, according to the latest Property Activity Index from Agency Express.
Record Lows for UK Lettings Market in July, Reports Agency Express
Across the UK as a whole, the amount of new listings to let dropped by 9%, marking the largest decrease for July since 2013. In contrast, the number of properties let during the month rose by 3.6%.
Looking back at the index’s historical data, this is an improvement on figures recorded in 2016, where the amount of properties let dropped by 5.2%.
Observing activity across the UK, seven of the 12 regions included in the index experienced growth in the number of properties let in July, while just two saw increases in properties coming onto the lettings market.
Prominent performing regions in July included:
Properties to let
- North East: +5.2%
- East Anglia: +3.4%
- North East: +25.3%
- East Anglia: +20.8%
- West Midlands: +13.6%
- East Midlands: +11.8%
- Scotland: +9.3%
- South East: +8.4%
July’s top performer was the North East. After seeing record low numbers in June, the region has bounced back, with new listings up by 5.2% and properties let by a robust 25.3%. However, while July’s increase in new listings is strong, figures remain down compared with July last year.
The largest decrease in this month’s Property Activity Index was in central England. Following record best figures in June, new listings dropped by 23.3%.
Scotland also recorded a substantial slowdown, dropping by 20.1%, marking the region’s largest monthly decline for July since the index began in 2012.
The Managing Director of Agency Express, Stephen Watson, comments: “This month, we have witnessed much slower movement throughout the UK lettings market. While it is not unusual to have a slowdown in activity during July, we are seeing far less rental properties hitting the market compared to 12 months ago.”
Click the following link to compare these figures to June’s data: /rental-market-activity-cooled-june/