Activity in the letting market slowed in October, according to newly released data from Agency Express.
Across the UK, the number of new listing ‘to let’ rose by 2.6% year-on-year, down from an 11.5% increase in new rental properties coming on to the market in the same month last year.
The volume of properties ‘let’ last month fell by -6.3% during the same period, which is almost on par with figures recorded from the corresponding month in 2015.
On a regional basis, eight of the 12 regions recorded by the Property Activity Index reported growth in new listings to let, while just four regions recorded growth in properties let.
Properties ‘To Let’
+ East Midlands 20.4%
+ West Midlands 13.4%
+ Central England 12.4%
+ Scotland 10.4%
+ North West 6.1%
Properties ‘Let By’
+ South East 12.7%
+ Scotland 11.7%
+ North East 7.9%
Scotland was the top performing region in October, recording increases in both new listings to let at 10.4% and properties let at 11.7%. However, while the increases marked a record best October for the region, Agency Express reports that demand continues to outpace supply.
Over a three month rolling period figures for new listings in Scotland were down at -1.7% and properties let at -1.6%.
The largest declines in October were recorded made in Yorkshire & Humberside, where new listings sat at -3.6% and properties let at -14.1%.
Stephen Watson, managing director at Agency Express, said: “As we look back at the historical data recorded by the Property Activity Index, we can see over the last three years October has been a buoyant month for new rentals across the UK lettings market. However, this year the figures paint a different picture, evident by the drop in supply.
“Historical trends within the indices also indicate that we should not see a decline in figures until December, but with the current rate of change it will be interesting to see what November and December’s data brings.”