Momentum in May for UK rental market

After a slump in the UK lettings market, the latest data revealed by the Agency Express Property Activity Index has shown a nationwide increase in both ‘To Let’ and ‘Let’ properties during May. National figures for properties ‘To Let’ saw a robust increase, sitting at 15.8% as did properties ‘Let’ at 13.8%.  

Across the rest of the UK the upward trend continued, 11 of the 12 regions recorded by the index reporting increases in both new listings ‘To Let’ and properties ‘Let’. 

This month’s top performing region was the South East where figures saw record best increases. Month on month figures for properties ‘Let’ rose to sit at 31.4%, as did new listings ‘To Let’ at 29.2%.The North East followed suit with figures for new listings ‘To Let’ sitting at 25.6%, the region’s largest increase for May since the index’s first records in 2012.

May’s lettings market hotspots included:

Properties ‘To Let’

  • South East 29.2%
  • North East 25.6%
  • London 23.7%
  • Wales 23.5%
  • South West 21.6%

Properties ‘Let By’

South East 31.4%
West Midlands 23.4%
East Midlands 21.8%
South West 17.9%
Wales 13.3%

The largest decline in this month’s Property Activity Index was made in the West Midlands, with figures for new listings ‘To Let’ falling for a second consecutive month to sat at -2.4%. A marginal decline was also recorded in East Anglia with properties ‘Let’ sitting at -0.90%. However, looking over the Property Activity Index’s historical records we can see that a slowdown in May is not uncommon for these regions and that this year’s figures are better than those recorded 12 months previous.

Commenting on the latest Property Activity Index lettings report, Stephen Watson Managing Director of Agency Express said: The Property Activity Index historically reports a decline in activity throughout May for many regions. This month however we have witnessed a good level of activity across the UK lettings market with some regional pockets recording record bests. Moving in to June and July we would expect a further increase in activity.

 

Monthly % Changes for May 2017

% Changes for Mar - May 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
May 17May 16May 17May 16
NATIONAL15.8-11.913.8-11.1
Central England16.4-6.711.6-11.3
East Anglia14.6-9.7-0.9-3.7
East Midlands10.8-29.921.8-10.5
London23.7-14.212-31.8
North East25.6-13.82.3-10.6
North West11.5-8.69.6-14.1
Scotland11-4.12.24.1
South East29.2-16.931.410.1
South West21.6-10.617.9-14.3
Wales23.5-5.213.3-20.7
West Midlands-2.4-4.223.4-14.3
Yorks & Humber10.4-20.211.9-10.6
New ListingsProperties Let
Mar -
Jun 17
Mar -
May 16
Mar -
May 17
Mar -
May 16
NATIONAL2.7-0.1-0.2-2.1
Central England4.93.61.5-2.6
East Anglia3.5-0.9-0.90
East Midlands2.2-0.35.40.3
London6.2-1.7-0.3-3.8
North East4.7-2.7-1.2-2.9
North West-0.22.4-2-0.9
Scotland0.1-0.93.64.4
South East6.5-3.6-4.91.6
South West4.52.60.3-8.8
Wales0.82.2-2.5-5.3
West Midlands-2.9-1.44-0.8
Yorks & Humber1.4-10.9-1.7
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