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Property activity slows for UK lettings market in February

Following a buoyant start to the year, the latest data from the Agency Express Property Activity Index has revealed a slowdown in activity for February’s lettings market. National month on month figures for new listings ‘To Let’ sat at -17.4% and properties ‘Let’ at -0.8%.

Looking back over the index’s historical data, records show a greater level of activity in both new listings and properties ‘Let’ in years previous. Figures for properties ‘Let’ fell for the first time in four years and the decline in supply was the largest for February since the indexes first records.

Observing performance across the UK, six of the twelve regions recorded by the Property Activity Index reported increases in properties ‘Let’, but none recorded increases in new listings ‘To Let’.

This month's top performer was the East Midlands reporting a record best month on month increase in properties ‘Let’, sitting at a robust 27.4%. 

Other regional hotpots included:

Properties ‘Let By’

  • Scotland 30.40%
  • London 16.40%
  • South East 10.10%
  • Wales 4.50%

Regions to record the smallest declines were:

Properties ‘To Let’

  • East Midlands -1.50%
  • London -6.50%
  • Scotland -7.90%
  • West Midlands -9.00%

The largest overall declines in this month’s Property Activity Index were made in the North East. New listings fell to -25.7% as did properties ‘Let’ at -16.2%. Again, looking back over the index’s historical data we can see that the drop-in activity has resulted in the region’s largest month on month decline for February since our first records.

Commenting on the Property Activity Index Lettings Report, Stephen Watson Managing Director of Agency Express said: The Property Activity Index traditionally reports a slowdown in new listings throughout February for many regions, and it has done so since our first records in 2012. However, this year we have seen larger month on month declines across the board. As we move in to March we anticipate and bounce in activity so it will be interesting to see if the figures pick up to their usual pace.

Monthly % Changes for February 2018

% Changes for Dec - February 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
Feb 18Feb 17Feb 18Feb 17
Central England-19.1-16.2-1.6-2.4
East Anglia-26.6-25.50.9-2
East Midlands-1.51027.4-10.9
North East-25.7-11-16.2-8.7
North West-20.2-5.2-13.81.5
South East-17.9-22.410.140.2
South West-19.1-13-16.4-3.7
West Midlands-93-3.27.6
Yorks & Humber-12.3-15-7.7-1.8
New ListingsProperties Let
Dec -
Jul 18
Dec -
Feb 17
Dec -
Feb 18
Dec -
Feb 17
Central England-8.5-4.7-1.8-2.8
East Anglia-3.9-4.42.4-0.3
East Midlands-15.1-8.16-4.1
North East-14.4-6.3-12.8-2.1
North West-15.7-9.9-4.52.3
South East-8.1-
South West-11.5-6.8-2.66.8
West Midlands-6.41.5-1.92
Yorks & Humber-10.8-7.4-2.10

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