UK lettings market cools in June

Following unexpected increases during May, this month’s data from the Agency Express Property Activity Index has revealed a cooling across the UK lettings market. While figures for new listings ‘To Let’ did see a marginal increase at 0.90%, properties ‘Let’ fell to sit at -1.9%. Over a three-month rolling period figures recorded across the nation remain down with new listings at -2.30% and properties ‘Let’ at -4.90%. Historical records also show the figure for properties ‘Let’ during June is at its lowest since 2014.

Recent reports from the Council of Mortgage Lenders have also highlighted waning market, commenting: “After the distortion of the stamp duty change last year, buy-to-let house purchase activity stabilised, albeit at a lower level than before. We had expected a slight recovery in lending levels, but that has not materialised.”

Across the rest of the UK the trend continued. Only five the twelve regions recorded by the index reported increases in new listings ‘To Let’ and properties ‘Let’.

This month’s top performing region was Central England. Figures for new listings ‘To Let’ sat at a robust 25.4%, marking the region’s largest month on month increase for June since the index’s first records in 2012. Over a three-month rolling period Central England remained at the top of the leader board with figures for new listings sitting at 4.9%.

Other regions to buck the trend included:

Properties ‘To Let’

  • West Midlands 7.50%
  • Scotland 4.50%
  • Yorkshire & Humberside 4.20%
  • Wales 1.70%

Properties ‘Let By’

  • Wales 9.80%
  • South West 4.40%
  • Central England 1.10%
  • North West 1.10%

The largest declines in this month’s Property Activity Index were made in the North East. New listings ‘To Let’ fell to sit at -23.5% as did properties ‘Let’ at -26.1%. Again, looking back over the Property Activity Index’s historical records we can see that these figures are the lowest on record for June since 2014.  

Commenting on the latest Property Activity Index lettings report, Stephen Watson Managing Director of Agency Express said: As we look back over historical data recorded by the Property Activity Index, we can see that June is usually a buoyant month for UK lettings. However, this year we have witnessed a slower moving market specifically in the number of properties ‘Let’. Moving in to July and August, if usual trends dictate we don’t anticipate any large increases in activity. 

Monthly % Changes for June 2017

% Changes for Apr - June 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
Jun 17 Jun 16 Jun 17 Jun 16
NATIONAL 0.9 1.8 -1.9 9.6
Central England 25.4 -5.9 1.1 -1.6
East Anglia -3.8 -0.7 -2 10.1
East Midlands -0.7 13.4 -7.5 14.6
London -2.7 10.3 -1.9 24.2
North East -23.5 26.5 -12.7 13
North West -1.3 -5.4 1.1 12.3
Scotland 4.5 -8.3 -0.4 4.6
South East -3.6 5.2 -6 -14.4
South West -3.2 4.3 4.4 19.2
Wales 1.7 -9.9 9.8 15.1
West Midlands 7.5 1.4 -13.9 12.9
Yorks & Humber 4.2 8.3 0.2 18.6
New Listings Properties Let
Apr -
Dec 17
Apr -
Jun 16
Apr -
Jun 17
Apr -
Jun 16
NATIONAL -2.3 0.3 -4.9 1.9
Central England 4.9 3.5 -4.4 -1.8
East Anglia -2.9 -1.3 -11 1.6
East Midlands -1.7 0.8 -6.8 4
London -3.3 4.5 -7.3 3.3
North East -8.3 1.4 -11.2 2.7
North West -1.9 -0.7 -3.5 3.1
Scotland -2.2 0.4 -0.4 4.7
South East -2 -2.7 -2.7 0.1
South West -2 1.1 -3.5 3.4
Wales -4.3 -2.7 -0.2 4.1
West Midlands -3.4 -0.1 -6.7 1.6
Yorks & Humber -3.4 1 -1 0.7
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