Supply slump continues across the UK lettings market in February

Following a robust start to the year, the latest data from the Agency Express Property Activity Index, has revealed a decline in the number properties coming on to the market in February. National month on month figures for new listings ‘To Let’ sat at -13.1% but properties ‘Let’ during the period saw an increase at 5%.

While February’s figures are impacted by the annual January spike, the index’s data does show a decline in new listing year on year, but figures for properties ‘Let’ have remained largely on trend with figures recorded in 2021.  

Looking at activity across the individual regions recorded by the Property Activity Index, eleven of the twelve regions reported declines in new listings ‘To Let’ and only five regions reported an increase in properties ‘Let’.

The North West sat at the top of this month’s leader board. Recording year on year increases, figures for properties ‘Let’ sat at a buoyant 62.9% and properties ‘Let’ at 30.1%. London followed suit with figures for properties ‘Let’ at 28%, brining figures back in line with those recorded in 2020.

Other regions to buck the trend included:

Properties ‘To Let’

  • West Midlands 17.4%
  • North East 17.3%
  • Scotland 10%
  • Yorkshire & Humberside 6.3%
  • South West 4.5%

Regions to report the smallest declines included:

Properties ‘Let’

  • London -1.4%
  • Central England -2.1%
  • East Midlands -3.4%

The largest decline in this month’s Property Activity Index was recorded in the South East. Again, following a strong start to the year figures for new listings ‘To Let’ fell to -29.8% and over a three-month rolling period at -18.6%. While a decline in February is not uncommon for the region we can see that activity remain down compared to 2021 and 2020.

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

The Property Activity Index historically shows us a decline in activity throughout February. Demand continues to remain high as supply slows, and this month we have seen a greater decline in new listings compared to 12 months previous.  

 

 

 

Monthly % Changes for February 2022

% Changes for Dec - February 2022

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 22 Feb 21 Feb 22 Feb 21
NATIONAL -13.1 -0.7 5 7.9
Central England -2.1 0.8 -8.8 20.2
East Anglia -14.7 -3.2 -2.2 0.1
East Midlands -3.4 -12.9 -4.9 9.1
London -1.4 10.1 28 2.1
North East -10.3 7.5 17.3 5.9
North West 30.1 -2.2 62.9 -4.3
Scotland -23.2 15 10.2 -5.2
South East -29.8 -9.7 -5.9 13.2
South West -26.8 -11.6 4.5 3.9
Wales -14.6 23.3 -3.6 25
West Midlands -13.3 -6.8 17.4 11.5
Yorks & Humber -16.4 9.5 6.3 10.9
New Listings Properties Let
Dec -
May 22
Dec -
Feb 21
Dec -
Feb 22
Dec -
Feb 21
NATIONAL -5.6 -5.4 2.6 1.3
Central England -7.3 -4.3 -1 1
East Anglia -5.4 -6.2 -3.4 1.5
East Midlands 4.7 -3.5 3.6 13.2
London -5 0.7 4.7 -1.3
North East 14.1 5 18.7 12.6
North West 11.8 -8.6 0.1 -10.8
Scotland -9.6 -3.2 -0.3 3
South East -18.6 -10.6 4.5 3
South West -6.3 -9.6 10.6 2.7
Wales -7.2 -1.7 3.5 -2.2
West Midlands -6.5 -6.5 3.3 3.2
Yorks & Humber -0.3 -0.6 -2.2 1
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