UK Rental market slows in February
February’s data from the Agency Express Property Activity Index has shown a slow down in the UK rental market. National figures for new listings ‘To Let’ fell to sit at -13.8%, marking the largest month on month decline for February since the indexes first records in 2012.
Figures from the index do appear consistent with recent reports from the Council of Mortgage Lenders where director general Paul Smee commented: “Buy-to-let house purchase activity continues to be weak, despite strong buy-to-let remortgage levels. This will likely remain so going forward as lenders tighten affordability criteria ahead of the PRA mandated stress tests, and the introduction of tax changes in April.”
Across the rest of the nation only two of the twelve regions recorded by the Property Activity Index reported increases in new listings ‘To Let’. This month’s top performing region was the West Midalnds sitting at 7.6%.
Commenting on the Property Activity Index Lettings Report, Stephen Watson Managing Director of Agency Express said: This month we have seen a greater fall than in years previous, an impact of the buy-to-let changes which will undoubtedly affect the market ongoing.
For further analysis and to read the latest Property Activity Index report in full please click here: