There has been sharp slowdown in rental market activity as we draw closer to the festive period, the latest data from the Agency Express Property Activity Index has revealed.
The percentage of properties ‘to let’ in November dropped by 1.6%, while properties ‘let’ were down by 7.2%.
Looking back at the index’s historical records, year-on-year comparisons show November’s declines to be greater than those recorded in both 2017 and 2016.
Observing performance across the UK, five of the 12 regions recorded by the index reported increases in properties ‘to let’ and four recorded increases in properties ‘let’.
The largest increase in this month’s index was recorded in North East with properties ‘let’ at 33.3%. However, the region also reported the largest decline with new listings ‘to Let’ at -31.3%.
The South East followed suit with figures for new listings ‘to let’ at 19.1% and properties ‘let’ at -16.5%.
Again, looking back at the index’s historical records we can see that year on year figures for the North East are up but figures for properties ‘let’ in the South East have declined.
Here are the prominent performing regions:
Properties ‘to let’
South West 14.3%
East Anglia 8.7%
East Midlands 7.8%
Properties ‘let by’
Yorkshire and Humberside 5.9%
North West 1.7%
Stephen Watson, managing director of Agency Express, commented: “This month we have seen a much steeper decline than usual across the UK lettings market.
“As now we move in to the December seasonal slowdown we don’t anticipate any increases in activity, so will be interesting to see how the end of year figures stand.”