UK letting market activity plateaus in July

The latest data from the Agency Express Property Activity Index has revealed further increases across the UK lettings market, but the data also indicates that activity is starting to plateau.

National month on month figures for properties ‘To Let’ sat at 3.8% while properties ‘Let’ sat at 5.1%. While we have seen continual growth post lockdown, the index’s archived data does show that year on figures for the month are down.

Observing activity across the twelve regions recorded by the Property Activity Index, six reported increases in new listings ‘To Let’ and eight reported increases in properties ‘Let’.

Scotland sat at the top of this month’s leader board. Following a drop in new listings last month, figures bounced at a robust 107.1%. Properties ‘Let’ continued to increase month on month at 236.5%.

Wales followed suit reporting buoyant activity in both new listings at 28.5% and properties ‘Let’ at 59%.

Other hotspots in this months index included:

New listings ‘To Let’

  • North West 13.9%
  • North East 13.1%
  • South East 4.3%
  • Central England 3.4%

Properties ‘Let’

  • South West 14.2%
  • Central England 2.9%
  • East Midlands 1%
  • London 0.8%
  • South East 0.8%
  • North East 0.7%

The largest declines in this month’s Property Activity Index were recorded in Yorkshire and Humberside. Month on month figures for new listings ‘To Let’ fell to -8.2% and properties ‘Let’ to -3%. However, over a three-month rolling period figures were more resilient at 57.2% and 66.7%.

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

July has been a relatively robust month for the UK lettings market. Usually we see slower movement throughout the summer holidays but this month’s activity has been buoyant for many regions. Looking forwards, while we hope to see further increases in August with figures starting to level out, we don’t envisage a real pickup in activity until September. It will be interesting to see if the current rate of activity continues in to the latter end of the year where we would expect a seasonal slowdown.  

Monthly % Changes for July 2020

% Changes for May - July 2020

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 20 Jul 19 Jul 20 Jul 19
NATIONAL 3.8 8.5 5.1 6
Central England 3.4 -0.5 2.9 -11
East Anglia -5.4 27.4 -0.8 29.6
East Midlands -5.1 46.7 1 23.3
London -1.9 -6.5 0.8 5.8
North East 13.1 2.6 0.7 17.2
North West 13.9 -0.8 -6.3 2.1
Scotland 107.1 -6.4 236.5 5.1
South East 4.3 16.4 0.8 4
South West -8.9 10.8 14.2 6.7
Wales 28.5 9.7 59 4.3
West Midlands -7.6 4.1 -1.3 -1.8
Yorks & Humber -8.2 16.1 -3 7
New Listings Properties Let
May -
Oct 20
May -
Jul 19
May -
Jul 20
May -
Jul 19
NATIONAL 60.1 4.4 70.5 4.5
Central England 60.4 3.9 72.6 0.1
East Anglia 54.7 6.6 64.4 8.5
East Midlands 61.1 13.6 60.8 14
London 58.9 9.4 75.2 6.7
North East 62.3 1.2 59.5 8.3
North West 57.9 -1 58.3 8
Scotland 93.1 1.3 212.2 3.6
South East 60.9 3.5 70.9 0.4
South West 55.1 5.4 77.2 4.6
Wales 75.1 2.2 113.8 6.3
West Midlands 54.3 4 62.5 6.4
Yorks & Humber 57.2 5.5 66.7 -1
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