Lettings market slumping according to board company data
The latest data from the Agency Express Property Activity Index, looking at the market’s performance in June, has revealed year on year declines across the UK.
National figures for new rental properties coming on to the market (‘To Let’) showed a decline of 4.1 per cent while figures for the same time in 2018 sat at a much more robust growth rate of 8.9 per cent.
Figures for properties ‘Let’ during the period followed suit at 2.2 per cent up, well below the 7.8 per cent growth seen in 2018.
Observing activity across the 12 regions recorded by the Property Activity Index, two regions reported increases in new listings ‘To Let’ and eight reported increases in properties ‘Let’.
London sat at the top of June’s leader board with new listings up 18.2 per cent and properties ‘Let’ up 3.8 per cent. However, while the month on month increase is robust, year on year figures have fallen marginally.
The West Midlands followed closely with figure for properties ‘Let’ up19.3 per cent – this increase is a record best June for the region.
Other prominent performing regions in this month’s index included:
Properties ‘To Let’
– Scotland 15.9 per cent.
– Yorkshire & Humberside 0.1 per cent;
– South East 3.1 per cent;
– North East 4.3 per cent;
– North West 5.1 per cent;
– Central England 7.3 per cent;
– East Midlands 13.2 per cent.
The largest declines in this month’s Property Activity Index were made in East Anglia where properties ‘To Let’ dropped 17.6 per cent while figures for new listings fell for a third consecutive month, down 2.8 per cent.