Following a buoyant start to the year, the latest Property Activity Index from Agency Express has revealed a slowdown in lettings market activity during February.
Nationally, the number of new property listings in the lettings market dropped by 17.4% on a monthly basis, while the amount of properties let fell by 0.8%.
Looking back at the index’s historical records, a greater level of lettings market activity was seen for both new listings and lets in previous years.
The number of properties let declined for the first time in four years in February, while the drop in supply was the largest fall for the month since Agency Express’ first records.
Observing performance across the UK, six of the 12 regions included in the Property Activity Index recorded growth in the number of properties let, but none saw increases in the amount of new listings.
February’s top performer was the East Midlands, which experienced a record best monthly rise in the number of properties let, at 27.4%.
Lettings Market Activity Slowed in February, Reports Agency Express
Other regional hotspots included:
Properties let:
- Scotland: +30.4%
- London: +16.4%
- South East: +10.1%
- Wales: +4.5%
Regions to record the smallest declines in property listings were:
Property listings:
- East Midlands: -1.5%
- London: -6.5%
- Scotland: -7.9%
- West Midlands: -9.0%
The largest overall decreases in February’s lettings market activity were made in the North East. New listings dropped by 25.7%, while the number of properties let was down by 16.2%.
Again, looking back at the index’s historical data, we can see that the drop in activity in this region has resulted in its largest month-on-month decline for February since records began.
Stephen Watson, the Managing Director of Agency Express, comments on the newest findings: “The Property Activity Index traditionally reports a slowdown in new listings throughout February for many regions, and it has done so since our first records in 2012. However, this year, we have seen larger month-on-month declines across the board. As we move into March, we anticipate and bounce in activity, so it will be interesting to see if the figures pick up to their usual pace.”