Activity in the letting market improved dramatically in November, according to the latest data from Agency Express.
Across the UK, the number of new listing ‘to let’ rose by 13.9% year-on-year, up from an increase of just 3.4% in new rental properties coming on to the market in the corresponding month last year.
The volume of properties ‘let’ last month fell by just -1% during the same period, which marks a major improvement on the -6.2% recorded in the same month in 2015.
On a regional basis, nine of the 12 regions recorded by the Property Activity Index reported growth in new listings to let, while seven regions recorded growth in properties let.
Properties ‘To Let’
+ South East +49%
+ South West +29%
+ Wales +20.5%
+ North East +15.8%
+ East Anglia +12%
Properties ‘Let By’
+ Yorkshire & Humberside +7.1%
+ East Anglia +6.7%
+ East Midlands +5%
The largest declines in this month’s Property Activity Index were made in central England, where the volume of new listings ‘To Let’ sat at -5.2% and properties ‘Let’ sat at -6.8%. However, over a three-month rolling period figures remained resilient with new listings sitting at 4.4% and ‘Let’ properties at 0.7%.
Stephen Watson, managing director of Agency Express, said: “A robust come back of the UK rental market this month. Following what was an unexpectedly slow October, the increase in this month’s figures has redressed the balance.
“Now we move in to December where a seasonal slowdown is expected it will be interesting to see how the year-end figures stand.”