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UK lettings market sees summer slump in August 2020

The latest data from the Agency Express Property Activity Index, has as anticipated revealed a seasonal decline in activity across the UK lettings market in August.

National month on month figures for properties ‘To Let’ sat at -16.5% as did figures for properties ‘Let’  at -16.2%. However, looking back over the index’s archive data we can see that this year’s declines are greater than those recorded in 2019, where new listings sat at -11.3% and properties ‘Let’ at -8.1%.

Observing activity across the twelve regions recorded by the Property Activity Index, all regions bar 1 reported declines in both properties 'To Let' and 'Let'.

Scotland was the only region to buck the trend in this month’s index with a month on month increase in figures for properties ‘Let’ at 3.4%.

Regions to record the smallest month on month declines were:

Properties ‘To Let’

  • East Anglia -8.4%
  • South West -11.1%
  • Scotland -11.6%
  • Wales -12.7%
  • East Midlands -13.9% 

Properties ‘Let’

  • North West -12.1%
  • Central England -14.1%
  • South West -14.5%
  • South East -14.8%
  • East Midlands -15.2%

The largest overall declines in this month’s index were made in Yorkshire and Humberside. New listings ‘To Let’ sat at -19.4% and properties ‘Let’ at 24.8%. Again, looking back at the index’s historical records we can see that this year's declines are greater than those recorded in 2019 and 2018.

Commenting on the Property Activity Index Lettings Report, Ben Brookes Managing Director of Agency Express said: Throughout August we typically a slowdown across the UK lettings market. However, the decline in figures this year has been greater than years previous. Moving in to September we still expect to see figures recover but with this month's lull it will be interesting to see how the bounce fairs compared to 2019.

Monthly % Changes for August 2020

% Changes for Jun - August 2020

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
Aug 20Aug 19Aug 20Aug 19
NATIONAL-16.5-11.3-16.2-8.1
Central England-26.1-6.7-14.113
East Anglia-8.4-4.9-15.3-14.3
East Midlands-13.94.9-15.2-0.5
London-17.8-17.4-15.2-6.6
North East-12.7-12.3-21.7-8
North West-22.1-1.1-12.1-17.8
Scotland-11.6-12.93.41.8
South East-19.7-27.4-14.8-14.1
South West-11.1-22.4-14.5-12.9
Wales-12.7-21.1-30.6-0.7
West Midlands-15.2-2.6-16.4-5
Yorks & Humber-19.4-4.6-24.8-14.2
New ListingsProperties Let
Jun -
Oct 20
Jun -
Aug 19
Jun -
Aug 20
Jun -
Aug 19
NATIONAL7.6-2.617.6-0.1
Central England2-3.619.52.6
East Anglia10.2014.82.5
East Midlands11.111.69.111
London8.1-2.623.20.8
North East13-4.47.13.8
North West3.7-213.1-3.8
Scotland17.4-1.759.4-0.8
South East4.6-6.718.8-2.6
South West8.3-8.422.8-4.2
Wales17.2-5.625.8-2.2
West Midlands6.4-0.412.33.3
Yorks & Humber5.40.612.7-2.6
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