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UK letting market enjoys ‘robust’ boost, claims Agency Express

There has been a significant improvement in the letting market, according to board company Agency Express.

The number of new rental property listings increased by 12.6% during November compared to the previous month, while the volume of properties ‘let’ was up 2.8% during the same period, fresh data from the Agency Express Property Activity Index shows.

Year-on-year comparisons also show figures for both ‘to let’ and ‘let’ properties last month to be greater than those recorded in November 2016.

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Looking at performance across the UK, nine of the 12 regions recorded by the Property Activity Index reported increases in new listings to let, while eight of the 12 saw a hike in properties let. 

November’s top performing region was the East Midlands, with new homes to let increasing by 33.3% month-on-month, while properties let rose to sit at 18.6%. The Property Activity Index’s historical records also highlights that the increase in new listings is the largest for November since 2012.

Here are the prominent performing regions:

Properties ‘To Let’

South West 38%

South East 5.1%

North West 22%

Wales 19.9%

West Midlands 10.2%

Properties ‘Let’

Wales 15%

North East 13.6%

Yorkshire & Humberside 12.7%

Central England 11.30%

South East 8.9%

The greatest fall in November’s index was recorded in London, where new listings ‘to let’ fell to sit at -15.4%, as did figures for properties ‘let’ for a third consecutive month at -12.3%.

Historically, this is the sharpest decline in new listings for November since 2014.

Commenting on the latest report, Stephen Watson, managing director of Agency Express, said: “Following what has been a mixed few months for the UK lettings market, this month’s figures are robust overall and the increase has redressed the balance.

“As we move in to December where a seasonal slowdown is expected it will be interesting to see how the year-end figures fair.” 

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