The UK lettings market gained momentum throughout January, according to the latest Property Activity Index from Agency Express.
Nationally, the number of new property listings in the UK lettings market rose by a record 60.9% on a monthly basis in January, while the amount of properties let increased by 57.7%.
However, looking at historical data, we can see that overall activity has slowed when compared to the growth recorded in 2016 and 2017.
Looking at the UK lettings market across the UK, January’s buoyant trend was witnessed across all 12 regions included in the index.
Rental hotspots in January included:
- Wales: +84.8%
- North West: +82.2%
- North East: +71.4%
- South East: +67.3%
- South West: +66.8%
- South West: +83.2%
- South East: +70.7%
- West Midlands: +68.1%
- Yorkshire and the Humber: +67.4%
- Scotland: +64.4%
January’s top performing region was the South West, which experienced record growth for January. The number of new property listings rose by 66.8%, while the amount of properties let was up by 83.2%. The South West followed suit, with new listings up by 67.4%, again a record best month for the region.
The smallest growth in January’s index was recorded in London. New property listings in the capital increased by 23.1%, while the number of properties let rose by 14.7%. However, looking back at the index’s historical data, we can see that the figures have notably fallen compared to 2017, when new listings increased by 67.7% and the amount of properties let was up by 55.8%.
Stephen Watson, the Managing Director of Agency Express, comments on the data: “Following the December lull, a spike is activity is always predicted. While month-on-month figures for January are robust, they are heavily affected by the change in seasonal activity. This year, we have seen growth, just not at the same rate as we have previously.”