Spike in new listings for UK lettings market

The latest data from the Agency Express Property Activity Index, has revealed a bounce in the number of new listings ‘To Let’ across the UK.

Following unusually slow activity during July, national month on month figures for properties coming on to the market rose by 3%. In contrast, figures for properties ‘Let’ were still affected by the usual seasonal decline sitting at -4.4%. 

Looking at the Property Activity Index’s rolling three monthly data, figures show declines in both new listings ‘To Let’ at -1.8% and properties ‘Let’ at -1%, which is reflective of the slower pace experienced in June and July. Historical records also show figures from same period in 2016 were more robust, with new listings ‘To Let’ at 0.3% and properties ‘Let’ at 0.6%.

Across the UK, eleven of the twelve regions recorded by the Property Activity Index reported increases in new listings ‘To Let’ and four reported increases in properties ‘Let’.

This month’s top performer was Yorkshire and Humberside. Figures for new listings ‘Let’ sat at a buoyant 12.8% as did properties ‘Let’ at 6.7%. London followed suit, bucking the seasonal trend with properties ‘Let’ at 15%.

Other regions to buck the seasonal trend included:

Properties ‘To Let’

  • Scotland 15.5%
  • Wales 9.5%
  • West Midlands 8.5%
  • South East 5.1%

Properties ‘Let’

  • London 15%
  • North West 7.8%
  • Central England 1.7%

The largest declines in this month’s index were recorded in East Anglia. Month on month data shows new listings ‘To Let’ at -5.8% and properties ‘Let’ at -14.7%. Looking over the Property Activity Index’s historical records we can see the declines made in 2017 are greater than those recorded twelve months previous.

Commenting on the Property Activity Index Lettings Report, Stephen Watson Managing Director of Agency Express said:  The Property Activity Index historically reports a seasonal slowdown throughout August, so declines are not unexpected. This month however we have witnessed a good level of activity, specifically in the number of new listings. As we collate September’s data we would expect to see a further increase. Last September month on month figures for new listings rose by 1.3%, this year we’d hope to see a larger increase based on current activity.

 

Monthly % Changes for August 2017

% Changes for Jun - August 2017

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

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

New Listings Properties Let
Aug 17 Aug 16 Aug 17 Aug 16
NATIONAL 3 -4.1 -4.4 -1.9
Central England 4.5 -16.2 1.7 -9.2
East Anglia -5.8 1.1 -14.7 6.1
East Midlands 5.6 -13.4 -18.4 -9.8
London 3.1 -1.9 15 5.9
North East 0.7 -10.9 -13.1 20.2
North West 1.3 -1.1 7.8 -0.6
Scotland 15.5 -9.8 -13.7 -11.5
South East 5.1 3.7 -14.7 -5.6
South West -4.3 2.3 -5.2 -0.4
Wales 9.5 15.3 -11.9 -4.6
West Midlands 8.5 -13.7 -5.8 -4.7
Yorks & Humber 6.7 -11.1 12.8 -5.6
New Listings Properties Let
Jun -
Oct 17
Jun -
Aug 16
Jun -
Aug 17
Jun -
Aug 16
NATIONAL -1.8 0.3 -1 0.6
Central England 0.2 -6.1 0.5 -1.4
East Anglia -2.2 2 0.3 0.8
East Midlands -3 2 -5.3 2.1
London -5.6 2.4 -0.7 4.4
North East -7.4 0.3 -1.7 3.5
North West -1.2 1.8 1.9 1.9
Scotland -1.2 -4.4 -2 -4.9
South East -4.1 2.1 -4.4 -8.6
South West -3.8 1.3 -0.1 3.4
Wales 2.1 0.2 -3.1 0.7
West Midlands 1.7 -1.5 -2.8 3
Yorks & Humber 0.6 1.3 1.8 2.9
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