January lockdown stifles UK lettings

Januarys letting market data from the Agency Express Property Activity Index has reported the customary increase in post-Christmas activity, but as expected the third national lockdown has stifled the usual bounce back.

National month on month figures for new listings ‘To Let’ sat at 17% and properties ‘Let’ 22.6%, where typically they would be in the region of 40 and 60%.

New listings ‘To Let

Properties ‘Let’

January 2020 49.7%

January 2019 63.3%

January 2018 60.9%

January 2019 54.4%

January 2019 62.3%

January 2018 57.7%

Across the UK, the trend continued with 11 of the 12 regions recorded by the Property Activity Index reporting increases in both new listings ‘To Let’ and properties ‘Let’.

London sat at the top of this month’s leader board with figures for new listings at a robust 50%. Looking back at historical figures we can see activity for this period would normally sit in the region of 60%.

East Anglia reported consistently across the board with new listings ‘To Let’ at 33.9% and properties ‘Let’ 38.9%. However, unlike London year on year figures were substantially down.

Other regional hot spots in this month’s index included:

Properties ‘To Let’

  • Central England 41%
  • West Midlands 37.2%
  • North West 32.6%
  • East Midlands 15.7%
  • South West 15.7%

Properties ‘Let By’

  • East Midlands 35.4%
  • South West 34.7%
  • North West 29.2%
  • North East 26.6%
  • South East 23%
  • West Midlands 19.3%
  • Yorkshire & Humberside 15.1%

The largest decline in this month’s Property Activity Index was reported by the South East. New listings ‘To Let’ sat at -17%, the regions first decline for the month since the index’s first records in 2012. Wales followed suit at a lesser -4.3% but again the regions first decline for the month.

Commenting on the latest index results, Ben Brookes, Managing Director of Agency Express said: 

This month’s Property Activity Index data is to be expected, with a third lockdown, home schooling and remote working it comes as no surprise that the nations primary focus is not on the property market. However, with schools returning and a road roadmap set to ease restrictions we are confident that we will see buoyant spring lettings market.

 

Monthly % Changes for January 2021

% Changes for Nov - January 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
Jan 21 Jan 20 Jan 21 Jan 20
NATIONAL 17 49.7 22.6 54.4
Central England 41 40.3 3.1 23.4
East Anglia 33.9 52.3 38.9 65.7
East Midlands 15.7 38.5 35.4 84.5
London 50 63.8 26.8 34.2
North East 8.1 53.8 26.6 59.8
North West 32.6 51.7 29.2 40.9
Scotland 3.1 45.5 20.7 72.1
South East -17 66.9 23 49
South West 15.7 55.3 34.7 62.1
Wales 0 52.6 -4.3 78.4
West Midlands 37.2 62.5 19.3 75.2
Yorks & Humber 2.6 19.3 15.1 53
New Listings Properties Let
Nov -
Oct 21
Nov -
Jan 20
Nov -
Jan 21
Nov -
Jan 20
NATIONAL -6.2 0.1 -3.9 1.6
Central England -9.4 -4.5 -6.3 -3.5
East Anglia -2.4 3.6 -2.7 2.8
East Midlands -3.1 -1.1 -2.5 4.3
London -5.6 -0.3 -4.2 -8.8
North East -6 -6.1 -4.7 8.3
North West -17.6 -0.3 -3.7 -1
Scotland -6.2 -3.5 -6.5 -6.8
South East -1.6 9.4 1.6 4.6
South West -5.1 -1.7 -0.7 7.9
Wales -2.5 -2.5 -9.6 -6.4
West Midlands -3.7 -0.8 -9 5.7
Yorks & Humber -10 -0.7 -5.2 5.2
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