There was a drop in the number of properties let last month, as a lack of supply restricted choice for potential renters, according to the latest data from the Agency Express Property Activity Index.
The percentage of properties ‘let’ fell to sit at -1.9%, with historical records showing that the figure for properties ‘let’ during June is at its lowest level for three years.
But while figures for properties ‘let’ fell, new listings ‘to let’ did see a slight rise at 0.9%, although over a three-month rolling period figures recorded across the nation remain down with new listings at -2.3% and properties ‘let’ at -4.9%.
The data appears consistent with the Council of Mortgage Lenders latest reports which show that fewer buy-to-let landlords are looking to add to their property portfolios, with some looking to exit the market altogether, due to higher stamp duty costs and the phasing out of mortgage tax relief, which is reducing the supply of rental properties available.
Looking at performance across the UK, only five of the 12 regions recorded by the Property Activity Index reported a rise in new listings ‘to let’ as well as homes ‘let’.
Here are the regions that recorded the smallest declines in this month’s index:
Properties ‘To Let'
West Midlands 7.5%
Yorkshire & Humberside 4.2%
Properties ‘Let By’
South West 4.4%
Central England 1.1%
North West 1.1%
The largest declines in this month’s Property Activity Index were made in the North East. New listings ‘to let’ fell to sit at -23.5% as did properties ‘let’ at -26.1%.
Stephen Watson, managing director of Agency Express, said: “As we look back over historical data recorded by the Property Activity Index, we can see that June is usually a buoyant month for UK lettings. However, this year we have witnessed a slower moving market specifically in the number of properties ‘let’.
“Moving in to July and August, if usual trends dictate we don’t anticipate any large increases in activity.”