There was greater choice for those looking to rent last month, reflected by a sharp increase in the number of properties ‘to let’ and indeed ‘let’, according to the latest figures from the Agency Express Property Activity Index.
The percentage of properties ‘to let’ in October increased by 24.2%, while properties ‘let’ were up 8.1%.
Looking at performance across the UK, all 12 regions recorded by the index reported increases in new listings ‘to let’, while 11 of the 12 saw a hike in properties ‘let’.
The largest increase in this month’s Index was reported in the North East. New listings ‘to let’ were up 66.8%, while properties ‘let’ stood at +12.3%.
Here are the prominent performing regions:
Properties ‘to let’
Yorkshire and Humberside 45.1%
South East 23.6%
North East 21%
Central England 21%
Properties ‘let by’
East Anglia 16.4%
South West 13.6%
North East 12.3%
West Midlands 11.1%
The only region to record a decline in this month’s Property Activity Index was the East Midlands. Falling for a second consecutive month, figures for properties ‘let’ sat at -8%. However, looking back at the index’s historical data year-on-year figures remain up.
Stephen Watson, managing director of Agency Express, commented: “If we look back at historical data recorded by the Property Activity Index, we can see that a slowdown is usually anticipated in October.
“This month we have seen a spike in activity. However, looking at the figures more closely we can see that the increased number of working days [23 in October over 20 in September] has had some impact on the monthly data and overall the year-on-year figures remain relatively true to trend.”