UK rental market slows in April

Following a buoyant month for the UK rental market in March, April’s figures from the Agency Express Property Activity Index have shown a decline in both ‘To Let’ and ‘Let By’ properties. National figures for new listings ‘To Let’ sat at -9.4% and properties ‘Let’ at -9.1%.

Across the rest of the UK, only two of the twelve regions reported increases in properties ‘To Let’ and ‘Let By’. This month’s top performers were London and the South West. Figures for new listings in the capital sat at +10.7% while properties ‘Let’ in the South West sat at +5.20%. Looking back over the index’s historical records we can see that both regions have made year on year increases.

Regions to record the smallest declines in this month’s index included:

Properties ‘To Let’

  • Central England -1.7%
  • Yorkshire & Humberside -4.6%
  • West Midlands -5.9%
  • Wales -8.30%
  • North West -8.9%

Properties ‘Let By’

  • Yorkshire & Humberside -1%
  • Central England - 2.8%
  • Scotland -4.6%
  • East Midlands -6.4%
  • North East -6.4%

The largest decline in this month’s index was recorded in Wales. Figures for properties ‘Let’ fell to -25%, marking the regions largest month on month decline for February since 2015. Looking at the index’s rolling three monthly data the overall decline is less with properties ‘Let’ sitting at -4.5%.

Commenting on the latest Property Activity Index lettings report, Stephen Watson Managing Director of Agency Express said: We traditionally see a slow down in activity throughout April and this month is no different. However, if we look back on the Property Activity Index’s historical records we can see that the declines made this year are less that twelve months previous. As we now move in to what is usually a robust period for the market we would hope to see a fairy robust spike in activity.

Monthly % Changes for April 2018

% Changes for Feb - April 2018

New Listings
% Change over last 12 months vs Previous 12 months

Properties Let
% Change over last 12 months vs Previous 12 months

New ListingsProperties Let
Apr 18Apr 17Apr 18Apr 17
NATIONAL-9.4-19.7-9.1-22.1
Central England-1.7-22.5-2.8-21.8
East Anglia-9.4-16.7-10.2-25.2
East Midlands-17.6-13.5-6.4-26.9
London10.7-24.3-14.5-26.1
North East-19.9-20.2-6.4-20.6
North West-8.9-14.1-19.9-18.2
Scotland-17.8-18.9-4.6-2.8
South East-13-24-13-25.1
South West-17.8-19.85.2-26.1
Wales-8.3-29.2-25-20
West Midlands-5.9-13.4-14.5-23
Yorks & Humber-4.6-21-1-13.3
New ListingsProperties Let
Feb -
Sep 18
Feb -
Apr 17
Feb -
Apr 18
Feb -
Apr 17
NATIONAL-5.6-6.8-1.8-3
Central England-4-5.7-0.8-2.7
East Anglia-10.9-10.6-1.4-1.2
East Midlands-3.61.80.2-4.5
London1.5-4.72.5-3.3
North East-2.4-6.51.8-4.7
North West-5.9-5.3-5.5-4.2
Scotland1.3-75.24.9
South East-7.6-10.1-2.3-1.8
South West-7.8-6.4-1.3-5.7
Wales-10.9-13.9-4.5-6.7
West Midlands-3.4-1.1-6.6-0.6
Yorks & Humber-3.3-6.9-0.8-3.3
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