Significant rise in number of homes ‘let’, particularly in London

There was a rise in the volume of homes ‘to let’ and ‘let’ last month, owed in part to the buy-to-let rush across the UK ahead of stamp duty changes in April, the latest figures reveal.

With significantly more homes available on the rental market, there was a 9.6% rise in the number of homes ‘let’ in June, while the number of new listings ‘to let’ increased by 1.8%.

Seven of the 12 regions monitored by Agency Express across the UK recorded increases in new listings ‘to let’ and 10 saw increases in properties ‘let’.

But despite the rise in June, data from the UK's largest estate agency board specialist shows that the volume of homes ‘let’ and ‘to let’ remains down year-on-year.

Some of this month’s most prominent performing regions included:

Properties ‘to let’

•           North East 26.50%

•             East Midlands 13.40%

•             London 10.30%

•             Yorkshire & Humberside 8.30%

•             South  East 5.20%

Properties ‘let by’

•             London 24.20%

•             South West 19.20%

•             Yorkshire & Humberside 18.60%

•             Wales 15.10%

•             East Midlands 14.60%

This month’s top performer was the North East returning record best figures for June. New listings ‘to let’ sat at 16.5% and properties ‘let’ at 13%.

The largest declines reported in June was recorded in central England, where properties ‘to let’ fell for a second consecutive month to sit at -5.9% as did figures for properties ‘let’, sitting at -1.6%. However, looking over a three month rolling period figures for new listings ‘to let’ remained resilient, sitting at 3.5%.

“This month we have seen some regional growth for the UK letting market with one or two pockets recording record bests,” said Stephen Watson, managing director of Agency Express.

“However year-on-year national figures are down. As we move in to July, traditionally a buoyant month, it will be interesting to see if the market picks up or continues at the same pace,” he added. 

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