Autumn ‘spike’ in rental market activity but slowdown looms

There was more choice for those looking to rent in October, reflected by a notable rise in the number of homes ‘to let’ and indeed ‘let’, the latest figures from the Agency Express Property Activity Index reveal. 

The percentage of properties ‘to let’ in October increased by 16.3%, while properties ‘let’ were up 2.1%.

Looking at performance across the UK, 11 of the 12 regions recorded by the index reported hikes in new listings ‘to let’, while six saw a rise in properties ‘let’. 

The largest increase in this month’s Index was reported in the South West. New listings ‘to let’ were up 39.4%. Central England followed suit at +25%. 

Other prominent performing regions included:

Properties ‘To Let’

• Yorkshire & Humberside 22.3%

• South East 17.2%

• Scotland 16.9%

• West Midlands 15.6%

• North West 15%

• East Midlands 10.6%

• London 8.8%

Properties ‘Let By’

• Wales 20.8%

• North West 14%

• East Midlands 9.9%

• London 9%

• East Anglia 5.8%    

The largest decline in this month’s Property Activity Index was made in the North East. Falling for a third consecutive month, figures for properties ‘Let’ sat at -18.7%. 

The Property Activity Index also highlighted year-on-year declines for the region in both new listings ‘to let’ and properties ‘let’. 

Looking ahead, the number of new rental listings and volume of properties let are expected to falter, more so than the usual seasonal slowdown, owed in part to political turbulence. 

Stephen Watson, managing director of Agency Express, commented: “During October we generally see a pick up in pace and this month has remained true to trend. However, activity is slower than twelve months previous. 

“As as we collate November’s data and move in to December we will start to see the beginning on the seasonal decline, which will most likely be further impacted by the upcoming general election.” 

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