Momentum for January's rental market

The latest data from the Agency Express Property Activity Index has highlighted a robust start to 2017, as the UK rental market gained momentum during January. National figures for new listings ‘To Let’ sat at a record 50.8%, while properties ‘Let’ remained true to trend at 47.1%.

Looking at historical data, January’s figures for new listings ‘To Let’ mark the largest increase in activity for the month since the index’s first records. The data also shows that activity in January has been steadily increasing over the past three years.  

New listings ‘To Let’                       Properties ‘Let’

January 17 - 50.8%                          January 17 - 47.1%

January 16 - 43.6%                          January 16 - 46.1%

January 15 -  39.8%                         January 15 - 44.7%

Looking at rental market activity across the rest of the UK, the buoyant the trend continued. All 12 regions recorded by the index returned increases in both new listings ‘To Let’ and properties ‘Let’.

Regional hot spots included:

Properties ‘To Let’

  • Scotland 84.1%
  • Wales 81.5%
  • London 67.70 %
  • East Anglia 62.4%
  • North East 62.1%

Properties ‘Let By’

  • Wales 89.5%
  • South West 83.4%
  • North East 73.1%
  • London 55.8%

This month’s top performing region was Scotland with a record number of new listings ‘To Let’, sitting at 84.1%. Wales followed suit with properties ‘Let’ sitting at 89.5%, again a record best January for the region.

The smallest increases in this month’s index were recorded in the East Midlands. Figures for properties coming on to the market sat at 3.2% and properties let during the period at 22.1%. Looking at historical data recorded for the region we can see that this level of activity was last reported in 2013.

Commenting on the Property Activity Index Lettings Report, Stephen Watson Managing Director of Agency Express said: Following the December lull a spike is activity is always predicted. While month on month figures for January are heavily affected by the change in seasonal activity, we continue to see overall growth for the UK lettings market with some unexpected regions returning record bests.  

 

Monthly % Changes for January 2017

% Changes for Nov - January 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
Jan 17 Jan 16 Jan 17 Jan 16
NATIONAL 50.8 43.6 47.1 46.1
Central England 50.2 49.3 33.5 60.1
East Anglia 62.4 50.1 43.6 53.8
East Midlands 3.2 66.3 22.1 43.6
London 67.7 46.5 55.8 15.4
North East 62.1 9.3 73.1 25.9
North West 39.4 30.5 38.9 24.4
Scotland 84.1 53.6 48.8 67.7
South East 57.6 42.9 27.4 59.6
South West 48.4 28.8 83.4 48
Wales 81.5 108.1 89.5 53
West Midlands 44 15.6 39.3 59
Yorks & Humber 30.6 47.8 44 48.4
New Listings Properties Let
Nov -
Oct 17
Nov -
Jan 16
Nov -
Jan 17
Nov -
Jan 16
NATIONAL 3.4 0.5 0.1 1.6
Central England -0.5 -1.6 -4.5 5.3
East Anglia 10.6 6.5 2.8 0.1
East Midlands -11.7 -8.4 1.5 -0.1
London -1.1 5.1 -6.6 -1.9
North East 3.3 -15.5 2.9 -11.7
North West 1.4 -7.4 4.9 -2
Scotland 7.6 -1.8 -3 -3.2
South East 9.8 11.6 -7.2 9.5
South West 7.1 2 3.5 5.7
Wales 9.8 -0.4 8.4 1.1
West Midlands -1.5 -2.5 -0.3 4.2
Yorks & Humber -0.9 2.4 3.3 -2.2
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