January momentum for UK lettings market

The latest data from the Agency Express Property Activity Index has highlighted a robust start to 2018, as the UK rental market gained momentum throughout January.

National month on month figures for new listings ‘To Let’ sat at a record 60.90%, while properties ‘Let’ remained true to trend at 57.7%. However, looking at historical data we can see that overall activity has slowed when compared to the increases made in 2016 and 2017.

Looking at rental market activity across the rest of the UK, Januarys buoyant trend continued across all 12 regions recorded by the index.

Hot spots included:

Properties ‘To Let’

  • Wales 84.80%
  • North West 82.20%
  • North East 71.40%
  • South East 67.30%
  • South West 66.80%

Properties ‘Let By’

  • South West 83.20%
  • South East 70.70%
  • West Midlands 68.10%
  • Yorkshire & Humberside 67.40%
  • Scotland 64.40%

This month’s top performing region was the South West reporting record increases for January. New listings ‘To Let’ sat at 66.80% and properties ‘Let’ at 83.20%. The South East followed suit with new listings ‘To Let’ at 67.3%, again a record best month for the region.

The smallest increases in this month’s index were recorded in the capital. New listings ‘To Let’ sat at 23.10% while properties ‘Let’ sat at 14.70%. However, looking back over the index’s historical data we can see that the figures have notably fallen compared to 2017 where new listings ‘To let’ sat at 67.7% and properties ‘Let’ at 55.8%.

Commenting on the latest Property Activity Index lettings report, Stephen Watson Managing Director of Agency Express said: Following the December lull a spike in activity is always predicted. While month on month figures for January are robust they are heavily affected by the change in seasonal activity. This year we have seen growth, just not at the same rate as we have previously.

 

Monthly % Changes for January 2018

% Changes for Nov - January 2018

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 18 Jan 17 Jan 18 Jan 17
NATIONAL 60.9 50.8 57.7 47.1
Central England 66.5 50.2 60.6 33.5
East Anglia 55.2 62.4 57 43.6
East Midlands 36.2 3.2 6.6 22.1
London 23.1 67.7 14.7 55.8
North East 71.4 62.1 51.8 73.1
North West 82.2 39.4 55.8 38.9
Scotland 108 84.1 64.4 48.8
South East 67.3 57.6 70.7 27.4
South West 66.8 48.4 83.2 83.4
Wales 84.8 81.5 58.2 89.5
West Midlands 49.6 44 68.1 39.3
Yorks & Humber 46.1 30.6 67.4 44
New Listings Properties Let
Nov -
Apr 18
Nov -
Jan 17
Nov -
Jan 18
Nov -
Jan 17
NATIONAL 1.8 3.4 2.2 0.1
Central England 1.2 -0.5 2.9 -4.5
East Anglia 6.2 10.6 -0.8 2.8
East Midlands -3.1 -11.7 2.7 1.5
London -2.3 -1.1 -4.7 -6.6
North East -13.9 3.3 -2 2.9
North West -0.5 1.4 -0.7 4.9
Scotland 3.1 7.6 -0.9 -3
South East 7.1 9.8 8.9 -7.2
South West 7.3 7.1 4.4 3.5
Wales 3.1 9.8 5.8 8.4
West Midlands 0.5 -1.5 -1.9 -0.3
Yorks & Humber -4.3 -0.9 5.4 3.3
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