UK lettings market sees momentum in March 2017

Following a slowdown throughout the UK lettings market in February the latest data from the Agency Express Property Activity Index, has shown nationwide increases in both new listings and properties ‘Let’ during March. National figures for properties ‘Let’ saw a robust increase sitting at 16.4% as did new listings ‘To Let’ at 12.2%.

Reviewing activity across the rest of the UK, the buoyant trend continued. All of the twelve regions recorded by the Property Activity Index reported increases in both new listings ‘To Let’ and properties ‘Let’. 

March’s lettings market hotspots included:

Properties ‘To Let’

  • Central England +28.40%
  • London +28.20%
  • South East +22.90%
  • Yorkshire & Humberside +19.50%
  • South West +17.00%
  • Wales +17.00%

Properties ‘Let By’

  • East Midlands +32.20%
  • East Anglia +31.10%
  • Central England +19.80%
  • London +19.60%
  • North East +18.60%
  • West Midlands +18.30%

This month’s top performer was London. Figures for new listings ‘To Let’ sat at a robust 28.2%, marking the capitals largest month on month increase for March since the index’s first records in 2012. Central England followed suit sitting at +28.4%, the region’s largest increase for March since 2014.  

Month on month data recorded by the index also highlighted a strong market in the West Midlands. As the only region to record consistent increases since the beginning of the year, figures rose again for a third consecutive month. Properties ‘Let’ sat at 18.3% and new listings ‘To Let’ sat at 8%. Sales within the region also flourished and was dubbed 'The Mighty Midlands' in the March 2017 sales report from the Property Activity Index.

Commenting on the latest Property Activity Index report, Stephen Watson Managing Director of Agency Express said: Throughout March we typically see an increase in activity across the UK lettings market, and this month figures did surpass those recorded in 2016. However, between the demand for buy-to-let loans seemingly decreasing since the stamp duty hike, and the recent tax relief changes it is difficult to say what the forth coming months may hold. We may see some landlords selling off their properties as a result of the changes. 

Monthly % Changes for March 2017

% Changes for Jan - March 2017

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 17Mar 16Mar 17Mar 16
Central England28.4-6.419.8-4
East Anglia16.40.531.15.3
East Midlands11.49.332.23
North East13.911.318.6-4.6
North West3.74.34.9-0.4
South East22.91.4-11.1-10.9
South West179.815.8-17.4
West Midlands8-2.618.34.8
Yorks & Humber19.51.65.910.2
New ListingsProperties Let
Jan -
Jan 17
Jan -
Mar 16
Jan -
Mar 17
Jan -
Mar 16
Central England16.46.815.412.4
East Anglia10.69.12216.4
East Midlands8.410.613.310.1
North East15.913.220.315.1
North West1010.512.67.3
South East13.35.714.510.8
South West13.55.622.710.1
West Midlands15.4919.914.7
Yorks & Humber9.57.212.914.5

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