UK lettings market picks up pace in March

Following a slowdown throughout the UK lettings market in February, March’s data from the Agency Express Property Activity Index has revealed national month on month increases in both new listings ‘To Let’ at 13.1%, and properties ‘Let’ at 4.8%. While this month’s figures are robust, yearly figures do indicate greater activity in the market during March 2017, where the supply of new listings sat at 16.4% and properties ‘Let’ at 12.2%.

Reviewing activity across the rest of the UK, all 12 regions recorded by the Property Activity Index reported increases in new listing ‘To Let’ sitting at 13.1% and 8 regions reported increases in properties ‘Let’ at 4.8%.

This month’s top performer was the North East. After recording record lows for February, the region bounced back with new listings sitting at a robust 56.6% and properties ‘Let’ at 34.3%.  However, looking back at the index’s historical data we can see that this year’s figures are still lower than those recorded 12 months previous.

The index also highlighted buoyant activity across the North West. Month on month figures for properties coming on to the market rose, at 15.6% as did figures for properties ‘Let’ at 21.60%.

Other regional hotspots in this month’s index included:

Properties ‘To Let’

  • Scotland 37.70%
  • South West 17.90%
  • Central England 12.00%
  • South East 11.00%
  • Wales 10.40%

Properties ‘Let By’

  • South West 9.60%
  • London 9.20%
  • Wales 9.10%
  • Yorkshire & Humberside 6.70%

The largest decline in this month’s index was recorded in the East Midlands. Following a unsually robust month in February, figures for properties ‘Let’ fell at -15.6% but new listing remained on trend at 9.5%.

Commenting on the latest Property Activity Index lettings report, Stephen Watson Managing Director of Agency Express said: Historically we see a bounce in activity throughout March and this month’s lettings activity has been fairly steady. However, as our report has hightloghted year on year figures have started to wane.

Monthly % Changes for March 2018

% Changes for Jan - March 2018

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
Mar 18 Mar 17 Mar 18 Mar 17
NATIONAL 13.1 16.4 4.8 12.2
Central England 12 28.4 2 19.8
East Anglia 9 16.4 5.5 31.1
East Midlands 9.5 11.4 -15.6 32.2
London 0.6 28.2 9.2 19.6
North East 56.6 13.9 34.3 18.6
North West 15.6 3.7 21.6 4.9
Scotland 37.7 11.5 -4.7 12.3
South East 11 22.9 -3.3 -11.1
South West 17.9 17 9.6 15.8
Wales 10.4 17 9.1 2.5
West Midlands 5.5 8 -2.5 18.3
Yorks & Humber 8.3 19.5 6.7 5.9
New Listings Properties Let
Jan -
May 18
Jan -
Mar 17
Jan -
Mar 18
Jan -
Mar 17
NATIONAL 12.8 13.5 15.5 17.7
Central England 12.7 16.4 14.6 15.4
East Anglia 6.5 10.6 16.2 22
East Midlands 12.7 8.4 4.3 13.3
London 4.7 21.7 13.1 21.3
North East 24.9 15.9 18.7 20.3
North West 15.9 10 16.2 12.6
Scotland 32.8 18.2 21.8 19
South East 13 13.3 17.8 14.5
South West 14.7 13.5 15.6 22.7
Wales 11.1 14.7 19 18.9
West Midlands 11.3 15.4 13.6 19.9
Yorks & Humber 10.4 9.5 15.4 12.9
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