Lettings Market Shows Momentum in March, Finds Agency Express

Following a slowdown in the UK lettings market throughout February, the latest data from Agency Express’ Property Activity Index shows that the sector showed momentum in March.

Across the country, new listings to let rose by 12.2% last month, while the number of properties let was up by an average of 16.4%.

Looking at activity across the lettings market in the UK, all 12 regions included in the Property Activity Index recorded growth in both new listings and properties let.

Top performers in the lettings market last month include:

Properties to let

• Central England: +28.40%
• London: +28.20%
• South East: +22.90%
• Yorkshire and the Humber: +19.50%
• South West: +17.00%
• Wales: +17.00%

Properties let

• East Midlands: +32.20%
• East Anglia: +31.10%
• Central England: +19.80%
• London: +19.60%
• North East: +18.60%
• West Midlands: +18.30%

March’s top performing region was Central England, with growth in new listings of 28.40% – the region’s largest increase for March since 2014.

London followed suit, with a 28.2% rise in new listings, marking the capital’s largest monthly increase for March since the records began in 2012.

The month-on-month data also highlighted a strong lettings market in the West Midlands. As the only region to record consistent growth since the beginning of the year, figures rose again for a third consecutive month. The number of properties let increased by 18.3%, while new listings were up by 8%.

Sales in the region also flourished last month, according to the latest sales index from Agency Express.

Stephen Watson, the Managing Director of Agency Express, comments on the latest lettings market data: “Throughout March, we typically see an increase in activity across the UK lettings market and, this month, figures did surpass those recorded in 2016. However, between the demand for buy-to-let loans seemingly decreasing since the Stamp Duty hike and the recent tax relief changes, it is difficult to say what the forthcoming months may hold. We may see some landlords selling off their properties as a result of the changes.”