The lettings market stood strong and robust in November, according to the latest Property Activity Index from Agency Express.
Nationally, the number of new lettings listings rose by 12.6%, and, following three consecutive months of decline, the amount of properties let increased by 2.8%. Furthermore, looking back at the index’s historical records, the number of new listings and the amount of properties let are up on an annual basis.
Across the UK, nine of the 12 regions included in the Property Activity Index recorded increases in new lettings listings, while eight saw growth in the number of properties let.
November’s top performing region was the East Midlands, recording buoyant growth in both new listings, up by 33.3%, and the amount of properties let, up by 18.6%. Agency Express’ historical records show that the increase in new listings in this region is the largest for November since 2012.
Of the remaining regions, other prominent performers included:
New lettings listings
- South West: +38.0%
- North West: +22.0%
- Wales: +19.9%
- West Midlands: +10.2%
- South East: +5.1%
Properties let
- Wales: +15.0%
- North East: +13.6%
- Yorkshire and the Humber: +12.7%
- Central England: +11.3%
- South East: +8.9%
The greatest declines in November’s records were seen in London. The amount of new lettings listings fell by 15.4% on a monthly basis, while the number of properties let dropped for a third consecutive month, by 12.3%. Again, historical records show that the decline in new listings is the largest for November since 2014.
Stephen Watson, the Managing Director of Agency Express, comments: “Following what has been a mixed few months for the UK lettings market, this month’s figures are robust overall and the increase has redressed the balance. As we move into December, where a seasonal slowdown is expected, it will be interesting to see how the year end figures fare.”
Landlords, have you seen activity pick up over November?