Marginal increases for March lettings market

The latest lettings data revealed by the Agency Express Property Activity Index has shown a national increase in properties ‘To Let’ during March, rising by 0.60%. While this month we did witness an increase, the Index’s records show figures reported in 2015 were more robust with a month on month increase of 3.30% recorded.

In contrast as newly listed ‘To Let’ properties were on the rise, properties ‘Let’ across the nation fell by -3.00%. Again the Index’s historical records show more activity in 2015 where the market saw an overall increase of 1.3%.

Looking at performance across the UK, eight of the twelve regions recorded by the Property Activity Index reported increases in new listings ‘To Let’ and five reported increases in properties ‘Let’. 

Regions recording the largest increases included:

Properties ‘To Let’
North East 11.30%
South West 9.80%
East Midlands 9.30%
Wales 5.00%
North West 4.30%

Properties ‘Let By’
Yorkshire & Humberside 10.20%
East Anglia 5.30 %
West Midlands 4.80%
Scotland 3.70%
East Midlands 3.00%

Following on from a strong market in February the North East maintained momentum, recording a robust increase of 11.30% in properties ‘To Let’. Properties ‘Let’ in the region did fall during March by -4.60%, however the Property Activity Index’s rolling three monthly data highlights that overall figures were up by 15.10%.

Another prominent performer in this month’s Property Activity Index is the East Midlands.  After a lull in activity during February where properties ‘To Let’ fell by -21.8% and ‘Let’ figures fell by -6.4%, the region bounced back recording increases in both new listings ‘To Let’ rising by 9.30% and properties ‘Let’ by 3.00%.

The largest declines reported in this month’s Property Activity Index were recorded by London. Properties ‘To Let’ fell by -8.80% and ‘Let’ figures fell by -1.3%.  Looking at the Index’s historical data a dip in figures during March is not off trend, however the drop in properties ‘To Let’ is greater this year than in 2015.

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

March’s property market has had much focus on it, specifically for the pressures that agents have experienced in the build up to the stamp duty deadlines.  Even though we saw a small increase in new listings ‘To Let’ this month, I am confident that this figure will rise as a result of landlords and agents pushing sales through.   However, while we may see a spike in April figures they may be artificially stimulated by recent activities, therefore we should look beyond April’s market for a truer figure.

Monthly % Changes for March 2016

% Changes for Jan - March 2016

New Listings
% Change over last 12 months vs Previous 12 months

Properties Let
% Change over last 12 months vs Previous 12 months

New ListingsProperties Let
Mar 16Mar 15Mar 16Mar 15
NATIONAL0.63.3-31.3
Central England-6.410.6-42.3
East Anglia0.5-5.45.34.5
East Midlands9.3-0.23-4.2
London-8.8-0.9-1.3-3.7
North East11.30-4.621.7
North West4.3-2.8-0.4-2.1
Scotland-11.728.43.733.3
South East1.4-4.2-10.97.1
South West9.814-17.46.7
Wales58-14.2-8.8
West Midlands-2.6-3.84.8-8.4
Yorks & Humber1.6610.2-0.9
New ListingsProperties Let
Jan -
Aug 16
Jan -
Mar 15
Jan -
Mar 16
Jan -
Mar 15
NATIONAL8.79.412.113.7
Central England6.81312.419.1
East Anglia9.16.616.416.1
East Midlands10.64.410.110.9
London11.611.39.112.4
North East13.21315.114.2
North West10.59.17.313.7
Scotland11.133.220.326.6
South East5.78.110.811.1
South West5.68.710.119
Wales12.46.49.411.1
West Midlands96.414.78.3
Yorks & Humber7.26.714.59.6
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