Lettings market hit worrying low in rental properties in recent weeks
July’s activity data from board company Agency Express has revealed a significant slowdown in the number of rental properties coming on to the market.
National figures for new listings ‘To Let’ saw a fall of 9.0 per cent – the largest decline for July since 2013.
In contrast, the number of rental properties ‘Let’ during the period rose to sit at a robust growth rate of 3.6 per cent.
Seven of the 12 regions recorded by the index reported increases in rental properties ‘Let’ but only two recorded increases in properties ‘To Let’.
Prominent performing regions included the north east, which saw a growth of no less than 25.3 per cent in properties ‘Let’ – East Anglia was close behind on 20.8 per cent, followed by the West and East Midlands on 13.6 and 11.8 per cent respectively.
The largest decline in this month’s Property Activity Index was recorded in Central England.
Following record best figures in June, new listing ‘To Let’ fell to sit down 23.3 per cent. Scotland also recorded a substantial slowdown, ending down 20.1 per cent, marking the region’s largest month on month decline for July since 2012.
“While it’s not unusual to have a slowdown in activity during July, we are seeing far less rental properties hitting the market compared to 12 months ago” says Stephen Watson, managing director of Agency Express.