There was a substantial rise in both the number of new listings and properties let in the rental market during the last month, according to the most recent report from Agency Express.
However, the rental market still remains volatile, the figures suggest.
After a slowdown in the UK letting market during February, the latest Agency Express Property Activity Index reveals that national figures for properties ‘let’ rose in March.
Properties ‘let’ saw a rise of 16.4% month-on-month, while new listings ‘to let’ increased to 12.2%.
Assessing performance across the UK, all 12 regions recorded by the Property Activity Index saw increases in new listings ‘to let’ alongside homes ‘let’.
The top performing region during March was London, with homes to let here rising by 28.2% month-on-month. This was the largest rise recorded in the capital during March since the Index began in 2012.
The five regions seeing the largest percentage of properties ‘to let’ during March were:
- London-+ 28.2%
- South East +22.9%
- Yorkshire & Humberside +19.5%
- South West +17%
- Wales +17%
In terms of properties ‘let’, the five best regions were:
- East Midlands +32.2%
- East Anglia +31.1%
- Central England +19.8%
- London +19.6%
- North East +18.6%
Stephen Watson, managing director of Agency Express, said: ‘Throughout March we typically see an increase in activity across the UK lettings market, and this month figures did surpass those recorded in 2016. However, between the demand for buy-to-let loans seemingly decreasing since the stamp duty hike, and the recent tax relief changes it is difficult to say what the forthcoming months may hold. We may see some landlords selling off their properties as a result of the changes.’