Rental market activity recovered during May – putting an end to fears of a prolonged slowdown in the market.
The most recent report from Agency Express shows that after slower market conditions throughout Britain last month, activity improved during May.
Improvement
Agency Expresses’ Property Activity Index shows that national figures for properties ‘let’ in May increased by 13.8% month-on-month. New listings ‘to let’ rose by 15.8%.
Across the UK, 11 out of 12 regions recorded by the Index saw a rise in new listings to let, alongside those actually let.
The top performing region in May was the South East of England, where homes to let rose by 29.2% month-on-month. Properties let increased by 31.4%.
Other strong performing regions included the North East, London, Wales and the South West, where properties to let rose by 25.6%, 23.7%, 23.5% and 21.6% respectively.
In addition, the West Midlands, East Midlands and the South West saw a rise of 23.4%. 21.8% and 17.9% respectively in the number of homes let.
UK rental market bounces back in May
Falls
The largest falls in this month’s Index were recorded in the West Midlands and East Anglia. In the West Midlands, figures for new listings to let fell to stand at -2.4%, while a dip in East Anglia saw the number of properties let sit at -0.9%.
However, a slowdown in May is certainly not uncommon for these regions – with both faring better than they did 12 months earlier.
Stephen Watson, managing director of Agency Express, observed: ‘The Property Activity Index historically reports a decline in activity throughout May for many regions. This month however we have witnessed a good level of activity across the UK lettings market with some regional pockets recording record bests. Moving in to June and July we would expect a further increase in activity.’[1]
[1] https://www.landlordtoday.co.uk/breaking-news/2017/6/uk-rental-market-bounces-back-with-greater-activity-anticipated-over-summer