October produced mixed results for the UK rental market as data for new listings ‘to let’ rose, while figures for properties ‘let’ dropped for a third consecutive month, according to the latest HomeLet Rental Index.
The figures show that the average monthly cost of a new tenancy increased by 7.2% year-on-year, while figures for properties ‘let’ fell for a third consecutive month at -4.9%.
But looking back over the Property Activity Index’s historical records year-on-year comparisons showed the overall decline in properties ‘let’ to be marginally less than 12 months previous.
Looking at performance across the UK, 11 of the 12 regions recorded by the Property Activity Index reported increases in properties ‘to let’ and only two recorded increases in properties ‘let’.
The market was particularly buoyant in central England, recording increases in both new listings at 13.7% and properties ‘let’ at 5%.
The largest increase in this month’s Index was reported in the North East. figures for new listings ‘to let’ sat at 17.8% but in contrast the region also recorded largest decline in properties ‘let’ sitting at -14.90%.
The only region in this month’s Index to record a fall in both new listings and properties ‘let’ was the South West. Figures for new listings fell from 8.4% in September to -0.7% and figures for properties ‘Let’ fell for a third consecutive month at -2.3%.
Stephen Watson, managing director of Agency Express, said: “As we look back at historical data recorded by the Property Activity Index we can see that a decline in ‘let’ properties is characteristic for October.
“However, we have seen an early slowdown in ‘let’ board movements and if trend dictates it will continue until the New Year. So, while year on year figures are still relatively on par the end of year figures may look somewhat different.”