Lockdown for UK lettings market midst COVID-19
As we hit depths of the COVID-19 lockdown, March’s lettings market data from Agency Express Property Activity Index, looked back at how the market fared against the virus.
National month on month figures for new listings ‘To Let’ fell to -10.8%, while properties ‘Let’ fell further at -21.6%. As revealed within this months ‘sales’ report, March’s lettings activity is also the slowest on record for the month, but again the data is impacted by the suspension of services.
The North West bucked the trend and was the only region to report an increase at 7.1%. The largest declines were reported in the South East with figures falling for a second consecutive month.
Commenting on the latest index results, Stephen Watson, Chairman of Agency Express said:
March’s data from the Agency Express Property Activity Index, has as expected returned significant declines, but did fair better than the sales market. This is due to the natural slowdown that occurred as the COVID-19 virus gained momentum, followed by the suspension of services. On this basis is it hard for us to give a true reflection of the month’s activity. Moving forwards, we don’t expect to see any immediate changes or growth and our figures will remain heavily impacted by the suspension of services for the fourth coming months. We will now aim to resume the Property Activity Index report once the lockdown has been lifted.