Rental market remains robust despite slight slowdown
The rental market remains strong despite a marginal slowdown in activity levels last month, new data shows.
Analysis of sign boards by Agency Express found that during August there were 4.1% fewer new ‘To Let’ boards and 1.9% fewer ‘Let By’ boards when compared with July.
But despite the slowdown in August, in what is traditionally a quiet month for the rental market, the decline in activity levels was significantly lower than that recorded in August 2015, when the volume of ‘To Let’ boards fell by 13.2% month-on-month, while the number of ‘Let By’ boards slumped by 9.2%.
The study found that four of the twelve regions across the UK saw an increase in new listings and three in properties ‘Let’.
East Anglia was the top performing region last month, recording increases in both new listings ‘To Let’ at 1.1% and properties ‘Let’ at 6.1%.
The market in the North East also performed strongly, with the number of properties ‘Let’ reaching 20.2%.
According to the Agency Express Property Activity Index, the figures for August in East Anglia and the North East were higher than ever before for the month of August.
Wales (+15.3%), South East (+3.7%), and South West (+2.3%) all recorded increases in the number of ‘To Let’ boards last month, while the number of ‘Let By’ boards rose by 5.9% in London.
The largest decline in the Property Activity Index for August was recorded in central England, with the volume of boards ‘To Let’ and ‘Let By’ dropping by 16.2% and 9.2% respectively.
Stephen Watson, managing director of Agency Express, commented: “This month the UK rentals market has seen some seasonal decline, but our data shows this to be less than in years previous.”
“As we collate September’s data we would expect to see a spike in active once again. Last September new listings sat at 4.2%, this year we’d hope to see a larger increase based on current activity,” he added.
|NEW LISTINGS||PROPERTIES LET|
|AUG 16||AUG 15||AUG 16||AUG 15|
|Yorks & Humber||-11.1||-4.3||-5.6||-11.2|
Source: Agency Express Property Activity Index