Recent data provided by Property Activity Index Reveals a nationwide growth in both ‘to let’ and ‘let’ properties.
The national figures for new listings ‘to let’ have climbed again, up to 3.6% whilst properties ‘let’ attained 2%. Yet, across a three-month rolling period, ‘let’ figures continue to fall at -0.9% and historical records expose greater levels of activity in previous years.
Upon observation of the individual regions recorded by the Property Activity Index, eight of the 12 regions have reportedly witnessed an increase in properties ‘to let’ in addition to six reported increases in properties ‘let’.
Regarding properties ‘to let’ the regional hotspots included:
• South West 14.50%
• West Midlands 14.40%
• Central England 12.60%
• London 11.30%
• North East 10.90%
Hotspots for properties ‘Let By’ are as follows:
• West Midlands 31.00%
• Central England 14.00%
• Scotland 13.50%
• London 7.10%
• North East 3.40%
At the top of the leaderboard was West Midlands for this month’s overall, recording vigorous figures in both new listings ‘to let’ at 14.4% along with ‘let’ at 31%. Central England also follows suit, with listings, at 12.6% and properties ‘let’ at 14%. The peak in activity established a record best May for the region.
The Biggest declines were recorded by the North West and London. Declining for the second month in a row, figures for properties ‘let’ in the North West dropped to -7.5%. As it stands in London, the figure of new listing has fallen for the first time in six months, at -11.3%. Again, historical data shows greater levels of activity for both regions in 2017.
Commenting on the latest index, Stephen Watson, Managing Director of Agency Express commented:
“This month we have seen some overall growth for the UK lettings market with some regional pockets recording record bests. As we move into June which is traditionally a buoyant month we would expect to see a further increase in pace.”