There has been a significant improvement in the letting market, according to board company Agency Express.
The number of new rental property listings increased by 12.6% during November compared to the previous month, while the volume of properties ‘let’ was up 2.8% during the same period, fresh data from the Agency Express Property Activity Index shows.
Year-on-year comparisons also show figures for both ‘to let’ and ‘let’ properties last month to be greater than those recorded in November 2016.
Looking at performance across the UK, nine of the 12 regions recorded by the Property Activity Index reported increases in new listings to let, while eight of the 12 saw a hike in properties let.
November’s top performing region was the East Midlands, with new homes to let increasing by 33.3% month-on-month, while properties let rose to sit at 18.6%. The Property Activity Index’s historical records also highlights that the increase in new listings is the largest for November since 2012.
Here are the prominent performing regions:
Properties ‘To Let’
South West 38%
South East 5.1%
North West 22%
West Midlands 10.2%
North East 13.6%
Yorkshire & Humberside 12.7%
Central England 11.30%
South East 8.9%
The greatest fall in November’s index was recorded in London, where new listings ‘to let’ fell to sit at -15.4%, as did figures for properties ‘let’ for a third consecutive month at -12.3%.
Historically, this is the sharpest decline in new listings for November since 2014.
Commenting on the latest report, Stephen Watson, managing director of Agency Express, said: “Following what has been a mixed few months for the UK lettings market, this month’s figures are robust overall and the increase has redressed the balance.
“As we move in to December where a seasonal slowdown is expected it will be interesting to see how the year-end figures fair.”