Further recovery for the UK lettings market in March

The latest data from the Agency Express Property Activity Index has revealed robust month on month increases for the UK lettings market in March.

National figures show new listings ‘To Let’ at 14.8% and properties ‘Let’ at 18.9%. Looking back over the index’s historical records, we can see that both ‘Let’ and ‘Let by’ figures are as expected greater than those recorded in 2020 but are still considerably less that years previous.

Reviewing activity across the individual regions recorded by the Property Activity Index, 11 of the 12 regions reported increases in both properties ‘To Let’ and ‘Let By’.

The biggest increase in this month’s index was reported in London where figures for properties ‘Let’ jumped to 58.8%. Again, looking back at the index’s historical records, we can see that this is the largest increase in properties ‘Let’ during March since 2017. Figures for new listings also saw a year-on-year increase but did not exceed figures recorded in 2019.

Following suit, buoyant activity was also recorded across East Anglia with properties ‘Let’ 31.9%, the largest increase for the month since 2018.

Other regional hotspots in this month’s index included:

Properties ‘To Let’

  • Scotland 35.4%
  • East Midlands 29.6%
  • West Midlands 23.8%
  • North East 20.3%
  • London 19.4%
  • South East 17.9%
  • South West 16.2%

Properties ‘Let By’

  • Yorkshire & Humberside 24.9%
  • South West 19.5%
  • Wales 18.2%
  • West Midlands 16.3%
  • Scotland 14.2%
  • South East 13.5%

The only declines in this month’s Property Activity Index were reported in the North East with national month on month figures for new listings ‘To Let’ at -20.3% and properties ‘Let’ at -22.2%. While March declines are reported across the region in both 2020 and 2019, this year’s activity is slower than years previous.

Commenting on the latest index results, Ben Brookes, Managing Director of Agency Express said: 

Over the past few months we have seen a slow but continual increase in month on month figures. Looking forwards, with restrictions continuing to ease and a reported increase in buy to let mortgage options we would hope to see further spike in figures moving into the summer.

Monthly % Changes for March 2021

% Changes for Jan - March 2021

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 21 Mar 20 Mar 21 Mar 20
NATIONAL 14.8 -10.8 18.9 -21.6
Central England 14.6 -17.4 8.8 -20.7
East Anglia 13.4 -5.6 31.9 -21.8
East Midlands 29.6 -11.3 -2.8 0
London 19.4 -24.2 58.8 -2.3
North East -20.3 -2.3 -22.2 -23.3
North West 1 7.1 10.6 -20.9
Scotland 35.4 3.6 14.2 -20.4
South East 17.9 -27.3 13.5 -31.8
South West 16.2 -9.4 19.5 -28.9
Wales 0.6 -10.6 18.2 -25.2
West Midlands 23.8 -15.7 16.3 -24.3
Yorks & Humber 5 -4.8 24.9 -12.9
New Listings Properties Let
Jan -
Oct 21
Jan -
Mar 20
Jan -
Mar 21
Jan -
Mar 20
NATIONAL 10 2.1 16.2 4
Central England 16.4 2.5 10.6 2.5
East Anglia 12.9 3.3 22.1 3
East Midlands 9.7 1.9 11.4 8.1
London 23.4 0.1 29.6 6.1
North East -2.3 8.6 1.2 1.7
North West 8.6 7.9 10.4 3.5
Scotland 18.8 9.8 9.1 6.8
South East -4.5 -2.8 16 1.9
South West 5.9 0.3 17.9 3.6
Wales 7.5 3.1 13.1 6.8
West Midlands 16 2.4 15.5 4.8
Yorks & Humber 5.7 -2.1 17.3 4.6
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