New data released from Agency Express has revealed that activity in the lettings market rose markedly during November.
According to the firm, the number of new listings ‘to let’ rose by 13.9% year-on-year, from an increase of just 3.4% rise in new properties coming to market during October.
Rental Volumes
The actual volume of properties let last month slipped by just -1% in the same period, representing a marked improvement from the -6.2% recorded at the same period last year.
Regionally, nine of the twelve regions recorded by the Property Activity Index saw a growth in new listings to let, while seven regions saw a rise in properties let.
In terms of properties let, the top 5 increases during November were evident in:
- South East-+49%
- South West-+29%
- Wales-+20.5%
- North East-+15.8%
- East Anglia-+12%
For properties actually let, the top rises were evident in:
- Yorkshire and the Humber-+7.1%
- East Anglia-+6.7%
- East Midlands-+5%
November sees improvement in rental market activity
Declines
The largest falls were seen in central England, where the new listings ‘to let’ stood at -5.2% and properties let were down -6.8%.
However, over the last quarter, figures stayed resilient, with new listings at 4.4% and let properties at 0.7%.
Stephen Watson, managing director of Agency Express, said: ‘A robust come back of the UK rental market this month. Following what was an unexpectedly slow October, the increase in this month’s figures has redressed the balance. Now we move in to December where a seasonal slowdown is expected it will be interesting to see how the year-end figures stand.’[1]
[1] https://www.landlordtoday.co.uk/breaking-news/2016/12/rental-market-activity-improves-in-november