Mixed activity for UK lettings market in February

Following a slow start to the year, the latest data from the Agency Express Property Activity Index has revealed mixed activity across the UK lettings market in February.  

National month on month figures for new listings ‘To Let’ sat at -0.7% but figures properties ‘Let’ fared better at 7.9%. While February’s figures are impacted by the January spike, historical data shows the month on month increase in figures for February 2021 to be more robust than the same period in 2020. 

Looking at activity across the twelve individual regions recorded by the Property Activity Index, six regions reported increases in new listings ‘To Let’ and ten reported increases in properties ‘Let’.

Wales was this month’s top performer reporting buoyant figures across the board with new listings at 23.3% and properties ‘Let’ 25%. While the month-on-month increase is robust, looking back at the index’s archive we can again see that year-on-year figures are down.

Central England followed suit with figures for properties ‘Let’ at 20.2%, reporting a record best increase for February.

Other regions to buck the trend in this month’s index include:

Properties ‘Let’

  • Scotland 15%
  • London 10.1%
  • Yorkshire & Humberside 9.5%
  • North East 7.5%
  • Central England 0.8%

Properties ‘To Let’

  • South East 13.2%
  • West Midlands 11.5%
  • Yorkshire and Humberside 10.9%
  • East Midlands 9.1%
  • North East 5.9%
  • South West 3.9%
  • London 2.1%

The largest decline in this month’s Property Activity Index was recorded in the East Midlands. New listings ‘To Let’ sat at -12.9%, but the index’s historical archive tells us that the figure remains largely on trend.

Commenting on the Property Activity Index Lettings Report, Ben Brookes Managing Director of Agency Express said:

The Property Activity Index historically shows us a slowdown in activity throughout February, but this month’s figures have faired better than expected. Looking forwards, with restrictions easing and an increase in buy to let mortgage options we would hope to see a further pickup in figures moving in to the summer.

Monthly % Changes for February 2021

% Changes for Dec - February 2021

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
Feb 21 Feb 20 Feb 21 Feb 20
NATIONAL -0.7 -19.3 7.9 -4.3
Central England 0.8 -5.6 20.2 11.2
East Anglia -3.2 -21.8 0.1 -13.3
East Midlands -12.9 -13.1 9.1 -27.5
London 10.1 -19.2 2.1 -6.9
North East 7.5 -11.1 5.9 -12.8
North West -2.2 -20.4 -4.3 2
Scotland 15 -9.1 -5.2 -5.6
South East -9.7 -26.6 13.2 6.3
South West -11.6 -28.2 3.9 0
Wales 23.3 -18.2 25 -1.9
West Midlands -6.8 -20.1 11.5 -8.9
Yorks & Humber 9.5 -17.7 10.9 -11.6
New Listings Properties Let
Dec -
Oct 21
Dec -
Feb 20
Dec -
Feb 21
Dec -
Feb 20
NATIONAL -5.4 -8.9 1.3 1
Central England -4.3 -6 1 3.8
East Anglia -6.2 -10.2 1.5 0.7
East Midlands -3.5 -3.2 13.2 -3.3
London 0.7 -6.4 -1.3 -4.1
North East 5 -4 12.6 2.2
North West -8.6 -9.4 -10.8 -2.3
Scotland -3.2 -5.7 3 -7.7
South East -10.6 -12.5 3 6.6
South West -9.6 -9.1 2.7 3.8
Wales -1.7 -12.3 -2.2 -2.9
West Midlands -6.5 -12.1 3.2 0.7
Yorks & Humber -0.6 -6.9 1 0.8
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