Summer dip for UK lettings market in June

Following buoyant activity in May, the latest data from the Agency Express Property Activity Index has revealed a summer dip throughout June.

National month on month figures for both new listings ‘To Let’ and properties ‘Let’ sat at -2%, marginally less than those recorded in 2021 at 0.6% and -1%.

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

London sat at the top of this month’s leader board with figure for properties ‘Let’ at 18.5%. The month increase brought figures in line with those recorded in the same period of 2018.

Central England followed suit with new listings climbing towards pre-Covid levels at 13.6%.

Other regions to buck the seasonal trend included:

Properties ‘To Let’

  • South West 7%
  • North West 5.4%

 

Properties ‘Let’

  • West Midlands 6.3%
  • South West 3%

The largest declines in this month’s Property Activity Index were made in the East Midlands. New listings ‘To Let’ sat at -19.6% and properties ‘Let’ at -15.5%. Marking largest month on month drop-in activity for June since the index’s first records in 2012.

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

As we look back at historic data recorded by the Property Activity Index, we can see that a fluctuation in activity is not uncommon in June. The month on month dip is greater than years pervious, the year on year figure remain fairly constant. However, we are yet to reach pre-COVID heights.  

Historical trends within the indices show that we would not normally see an increase in figures until September, when we expect to see a spike in activity as the student lettings market resumes.

Monthly % Changes for June 2022

% Changes for Apr - June 2022

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 22 Jun 21 Jun 22 Jun 21
NATIONAL -2 0.6 -2.2 -1
Central England 13.6 8.9 -3 -8.3
East Anglia -0.7 6 -6.3 -18.3
East Midlands -19.6 -9.1 -15.5 4.5
London -1.1 4.4 18.5 9.4
North East -13.4 27.5 -11 21.5
North West 5.4 -2.4 -13.1 16.3
Scotland -1.8 -9.6 -5.6 16.7
South East -14.1 9 -4 9.1
South West 7 -19.7 3 -6
Wales -3.5 9.7 -13.5 -12.4
West Midlands -1 -7 6.3 2.9
Yorks & Humber -10.3 10.3 -0.2 -1.8
New Listings Properties Let
Apr -
Aug 22
Apr -
Jun 21
Apr -
Jun 22
Apr -
Jun 21
NATIONAL -1.5 -3.1 -5.1 -5
Central England 5 -0.5 -9.6 -4.7
East Anglia -3.4 -1.4 -3.5 -8.2
East Midlands -4.9 -5.2 -4.3 -2.8
London 1.8 -1 7.5 -3.8
North East -0.9 10.8 3.9 10.8
North West -3.6 -2.7 -4.6 -1.1
Scotland 4.1 -2.4 -1.9 12.7
South East -6.2 -4.1 -10 -5.4
South West -2.1 -10.8 -3.9 -9.5
Wales -4.4 -0.2 -4.1 -6.3
West Midlands -0.5 -7.3 0.9 -3
Yorks & Humber -3 -0.2 -14.6 -8.7
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