UK rental market resurgence in May

Following a seasonal slowdown in April, May has remained true to trend reporting an increase in activity across the UK rental market. National month on month figures for new listings ‘To Let’ sat at 4.7% and properties ‘Let’ at 3.5%. However, looking back at the Property Activity Index’s historical data we can see that this year’s figures are down compared to those recorded pre Covid.

Reviewing activity across the individual regions recorded by the Property Activity Index, 8 of the 12 regions reported increases in both properties ‘To Let’ and ‘Let’.

The biggest increase in this month’s index was reported in East Anglia where figures for properties ‘Let’ jumped to 17.8%. Again, looking back at the index’s historical data, we can see that this is the largest increase in properties ‘Let’ during the period since 2017. The North East also reported a robust lettings period. Following two consecutive months of decline figures for properties ‘Let’ rose to 17.6% and new listings to 6.5%.

Other top performing regions in this month’s Property Activity Index included:

Properties ‘To Let’

  • London 15%
  • West Midlands 14%
  • East Midlands 11.5%
  • Central England 8.6%
  • South West 6%
  • South East 5.9%
  • Scotland 3.6%

Properties ‘Let By’

  • South West 14.3%
  • Central England 11%
  • West Midlands 7.4%
  • Yorkshire & Humberside 4.8%
  • London 3.9%
  • North West 2.5%

The largest decline in this month’s index was reported in the South East. Falling for a second month, figures for properties ‘Let’ sat at -18.3% and marked the largest decline for the May since the index’s first records.

Commenting on the latest Property Activity Index lettings report, Ben Brookes Managing Director of Agency Express said:

May has historically been a slower month for board movements. However, pre Covid we started to see a shift in this trend. This month we have seen some positive activity across the UK lettings market, but figures are still lower than those in 2019. As we move into June, which is traditionally a buoyant month market, we would expect to see a further increase in pace.

 

Monthly % Changes for May 2021

% Changes for Mar - May 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
May 21 May 20 May 21 May 20
NATIONAL 4.7 2676.8 3.5 2152.3
Central England 8.6 71100 11 11800
East Anglia -3.8 1290.5 17.8 1760.9
East Midlands 11.5 10500 -14.3 3600
London 15 2300 3.9 2960
North East 6.5 772.7 17.6 1720
North West -0.9 1033.3 2.5 1213
Scotland 3.6 1823.5 -2.7 2800
South East 5.9 0 -18.3 5500
South West 6 3188.2 14.3 1020
Wales -4.3 1527.3 -5.8 1183.3
West Midlands 14 2045.5 7.4 2053.3
Yorks & Humber -2.8 0 4.8 3787.5
New Listings Properties Let
Mar -
Oct 21
Mar -
May 20
Mar -
May 21
Mar -
May 20
NATIONAL 1.4 -23.2 1.2 -33.4
Central England 1.2 -18.8 1 -32.6
East Anglia 0.9 -22.4 7.4 -29
East Midlands 6.4 -24.6 -4.9 -17.4
London 3.6 -22.1 8 -32.9
North East -6.6 -27.4 -6 -24.6
North West -1.5 -17.5 -2.6 -28.1
Scotland 10.5 -21.5 11.6 -48.2
South East -1.1 -30.2 -3.5 -39.1
South West 0.7 -24 -1.1 -39.9
Wales -3 -30.5 3 -44.4
West Midlands 2.4 -24.8 1.2 -32.1
Yorks & Humber -1.7 -21.5 -0.3 -28.7
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