Record lows for UK lettings market in July

July’s data from the Agency Express Property Activity Index, has revealed a slowdown in the number of rental properties coming on to the market. National figures for new listings ‘To Let’ sat at -9% and marked the largest decline for July since 2013. In contrast, the number of properties ‘Let’ during the period rose to sit at a robust at 3.6%. Looking back at the index’s historical data we can see that this is an improvement over figures recorded in 2016, where properties ‘Let’ sat at -5.2%.

Observing activity across the rest of the UK, seven of the twelve regions recorded by the index reported increases in properties ‘Let’ but only two recorded increases in properties ‘To Let’.

Prominent performing regions included:

Properties ‘To Let’

  • North East 5.20%
  • East Anglia 3.40%

Properties ‘Let’

  • North East 25.30%
  • East Anglia 20.80%
  • West Midlands 13.60%
  • East Midlands 11.80%
  • Scotland 9.30%
  • South East 8.40%

This month’s top performer was the North East. After reporting record low numbers in June, the region has bounced back with new listings ‘To Let’ sitting at 5.2% and properties ‘Let’ at a robust 25.3%.  However, while July’s increase in new listings is robust figures remain down compared to twelve months previous.

The largest decline in this month’s Property Activity Index was recorded in Central England. Following record best figures in June new listing ‘To Let’ fell to sit at -23.3%. Scotland also recorded a substantial slowdown sitting at -20.1%, marking the region’s largest month on month decline for July since the index’s first records in 2012.

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

This month we have witnessed much slower movement throughout UK lettings market. While it is not unusual to have a slowdown in activity during July, we are seeing far less rental properties hitting the market compared to twelve months ago. 

Monthly % Changes for July 2017

% Changes for May - July 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
Jul 17 Jul 16 Jul 17 Jul 16
NATIONAL -9 3.6 3.6 -5.2
Central England -23.3 4.3 -1.4 7.1
East Anglia 3.4 5.7 20.8 -12.2
East Midlands -12.7 8.8 11.8 3.7
London -15.9 -0.5 -13 -12.8
North East 5.2 -10.3 25.3 -18.5
North West -3.6 12.8 -3.1 -4.9
Scotland -20.1 5.4 9.3 -7.8
South East -12.7 -2.4 8.4 -4.6
South West -3.9 -2.4 0.9 -6.4
Wales -4.6 -3.1 -6.5 -6.9
West Midlands -9.7 9.1 13.6 2.2
Yorks & Humber -8.3 8.1 -6.8 -2
New Listings Properties Let
May -
Dec 17
May -
Jul 16
May -
Jul 17
May -
Jul 16
NATIONAL 1.9 -2.5 4.8 -2.7
Central England 3.3 -3 3.5 -2.4
East Anglia 4.3 -1.9 5.9 -2.3
East Midlands -1.3 -5.4 7.8 2.2
London 0.3 -2.1 -1.4 -10.4
North East 0.3 -0.8 4.1 -6.1
North West 1.9 -0.9 2.3 -3
Scotland -2.2 -2.6 3.7 0.1
South East 2.5 -5.4 9.5 -3.3
South West 3.8 -3.2 7.1 -1.5
Wales 5.7 -6.2 4.8 -5.6
West Midlands -1.8 2 6.3 -0.4
Yorks & Humber 1.7 -2.5 1.4 1.3
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