UK Lettings Market Records Regional Growth

The UK lettings market recorded regional growth in September, following buoyant activity in August, according to the latest Property Activity Index from Agency Express.

Across the UK, the number of new listings to let has risen by 1.3%, while the amount of properties let increased by 4.4%.

However, looking at data recorded over a three-month rolling period, the amount of properties let dropped by 1%, on par to figures seen in the same period of 2015.

Regionally, seven of the 12 regions included in the Property Activity Index experienced growth in both new listings to let and the number of properties let.

The most prominent performers in the UK lettings market last month were:

Properties to let 

• North East: +19.6%
• Yorkshire and the Humber: +12.6%
• East Midlands: +12.3%
• Central England: +7.6%

Properties let

• West Midlands: +17.7%
• Wales: +13.8%
• Central England: +11.4%
• South East: +10.1%

September’s top performing region was central England, which saw growth in both new listings to let and properties let. Over a three-month rolling period, however, the amount of new property listings was down by 2.1%, on par with 2015.

The West Midlands saw a record month for the amount of properties let, up by 17.7%, marking the region’s greatest increase for September since the index began in 2012.

The largest declines this month were in East Anglia. Following a record best August, new property listings to let dropped by 11.2% and properties let fell by 1.4% – the greatest decreases for September since 2013.

Typically, Scotland also recorded notable decreases. For a second consecutive month, new listings dropped, by 4.2%, while properties let rose by just 3.3% – lower than 2015’s increase of 3.6%.

The Managing Director of Agency Express, Stephen Watson, comments: “This month, we have witnessed some growth across the UK lettings market. One or two regional pockets reported record bests, while others performed consistently. However, year-on-year figures are still recovering from the buy-to-let fallout.”