Despite the slowdown in the lettings market throughout the UK in February, we can see the data from the Agency Express Property Activity Index has revealed an increase in pace during March. The index shows national month on month increases in both new listings ‘To Let’ at 13.1%, and properties ‘Let’ at 4.8%.
It is encouraging to see the figures from March looking so robust, but we need to bear in mind that yearly figures do indicate greater activity in the market in the same month last year. At that point the supply of new listings sat at 16.4% and properties ‘Let’ at 12.2%.
A review of activity across the rest of the UK has shown that that all twelve regions recorded by the Property Activity Index (PAI) have reported a rise in new ‘To Let’ listings, sitting at 13.1%, and 8 regions have reported increases in properties ‘Let’ at 4.8%.
The North East has had the best month overall, having reported record lows in February, to then bounce back with new listings. In March it sat at a robust 56.6% and properties ‘Let’ at 34.3%.
However, a review of the index’s data history highlights the point that this year’s figures are still lower than those recorded twelve months previous.
On top of that, it points out the buoyant activity across the North West. Month on month, figures for properties coming on to the market have risen at 15.6%, as did figures for properties ‘Let’ at 21.60%.
Other regional hotspots in this month’ index included:
Properties ‘To Let’:
- Scotland 37.70%
- South West 17.90%
- Central England 12.00%
- South East 11.00%
- Wales 10.40%
Properties ‘Let By’
- South West 9.60%
- London 9.20%
- Wales 9.10%
- Yorkshire & Humberside 6.70%
The East Midlands has shown the largest decline in March, following an unusually robust February. Figures for properties ‘Let’ fell at -15.6%, but new listings have remained on trend at 9.5%.
Stephen Watson, Managing Director of Agency Express has commented: “Historically we see a bounce in activity throughout March and this month’s lettings activity has been fairly steady. However, as our report has hightlighted year on year figures have started to wane.”