Rental market records regional growth

Activity in the letting market continued to grow in September, new figures from Agency Express show.

Across the UK, the number of new listing ‘to let’ rose by 1.3% year-on-year, while the volume of properties ‘let’ increased by 4.4% during the same period.  

However, looking at data recorded over a three month rolling period, the number of properties let actually fell by -1% which is on par with figures recorded from the same period in 2015.

On a regional basis, seven of the 12 regions recorded by the Property Activity Index reported growth in both new listings to let and properties let.

Properties to let:

+ North East: 19.6%

+ Yorkshire & Humberside: 12.6%

+ East Midlands: 12.3%

+ Central England: 7.6%

Properties let by:

+ West Midlands: 17.7%

+ Wales: 13.8%

+ Central England: 11.4%

+ South East: 10.1%

Central England was the top performing region in September, recording increases in both new listings to let at 7.6% and properties let at 11.4%. Over a three month rolling period figures for new listings were down at -2.1%, and again on par with those recorded in 2015. 

The West Midlands reported a record month for properties let, up 17.7%, marking the region’s greatest rise for September since the index’s first records began more than four years ago.

The largest declines in September were recorded in East Anglia, where new listings sat at -11.2% and properties let at -1.4%.

Following suit, Scotland also recorded notable declines. Falling for a second consecutive month new listings sat at -4.2% and properties let at 3.3%, notably down on 2015’s ‘let’ figures of 3.6%.

Stephen Watson, managing director at Agency Express, said: “We have witnessed some growth across the UK lettings market. One or two regional pockets reported record bests, while others performed consistently. However, year-on-year figures are still recovering from the buy-to-let fallout.”

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