The UK lettings market recorded a spike in the number of new property listings during August, according to the latest Property Activity Index from Agency Express.
Following unusually slow activity during July, the number of properties coming onto the UK lettings market in August rose by 3% on a monthly basis.
In contrast, the amount of properties let during the month was still hit by the usual seasonal decline, dropping by 4.4%.
Looking at Agency Express’ rolling three-monthly data, figures show decreases in both new property listings, by 1.8%, and properties let, by 1%, which is reflective of the slower pace experienced in June and July. Historical records also show that figures from the same period in 2016 were more robust, with new property listings up by 0.3% and properties let by 0.6%.
Across the UK, 11 of the 12 regions included in the Property Activity Index recorded growth in new property listings to let during August, while four reported increases in the number of properties let.
This month’s top performer was Yorkshire and the Humber, where new property listings rose by 12.8%, while the amount of properties let was up by 6.7%.
London followed suit, bucking the seasonal trend, with the number of properties let up by 15.0%.
Other regions to buck the seasonal trend in August included:
New property listings
- Scotland: +15.5%
- Wales: +9.5%
- West Midlands: +8.5%
- South East: +5.1%
- London: +15.0%
- North West: +7.8%
- Central England: +1.7%
The largest declines in August’s index were recorded in East Anglia. Month-on-month, the number of new property listings dropped by 5.8%, while the amount of properties let was down by 14.7%. Looking at Agency Express’ historical records, the falls seen over 2017 are greater than those experienced 12 months ago.
Stephen Watson, the Managing Director of Agency Express, says: “The Property Activity Index historically reports a seasonal slowdown throughout August, so declines are not unexpected. This month, however, we have witnessed a good level of activity, specifically in the number of new listings.
“As we collate September’s data, we would expect to see a further increase. Last September, month-on-month figures for new listings rose by 1.3%. This year, we’d hope to see a larger increased based on current activity.”
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