Property Activity Index shows record lows for UK lettings market
The latest data from the Agency Property Activity Index has shown record lows for UK lettings market in May. New ‘To Let’ listings sat at -11.90% and properties ‘Let’ sat at -11.10%, marking the largest month on month decline for May since the indexes first records in 2012.
However while this month’s figures appear dramatic they are still somewhat distorted by the stamp duty changes and the after affects of this.
Commenting on the Property Activity Index Lettings Report, Stephen Watson Managing Director of Agency Express said:
The Property Activity Index historically shows us a drop in figures throughout May. However this month we have seen a much greater fall than in years previous. An unseasonal rush in activity throughout March, followed by a reactive dip in April and reduced lending has certainly blurred Mays figures. Now with the impending EU referendum it may be some time before we see a more balanced view of the UK lettings market.
To read the Agency Express Property Activity Index Report in full click here: