There was a drop in the number of properties ‘to let’ last month, while there was also a slowdown in the actual number of properties ‘let’ in June, as slowing demand from tenants results in a relatively flat period for the market as we enter into the traditionally quieter summer period for activity levels, the latest Property Activity Index shows.
According to the data, national figures for new rental properties coming on to the market sat -4.1%, while figures in 2018 sat at a robust 8.9%.
Figures for properties ‘let’ during the period followed suit at 2.2%, down from 7.8% in 2018.
Looking at performance across the UK, just two 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’.
London sat at the top of this month’s leader board with new listings at 18.2% and properties ‘let’ at 3.8%. But while the month-on-month increase is robust, year-on-year figures have dropped marginally.
The West Midlands followed closely with figure for properties ‘Let’ at 19.3% - the best June on record for the region.
The North East saw the volume of new homes to let rise by 15.2% month-on-month, while properties let rose to sit at 34.2%.
Here are the prominent performing regions:
Properties ‘to let’
Yorkshire & Humberside 0.1%
South East 3.1%
North East 4.3%
North West 5.1%
Central England 7.3%
East Midlands 13.2%
The greatest decline in this month’s Property Activity Index was recorded in East Anglia, where listing ‘to let’ sat at -17.6%.
Stephen Watson, managing director of Agency Express, commented: “As we look back at the data recorded by the Property Activity Index, we can see that over the few years June has been a buoyant month for the UK lettings market. However, this year the figures paint a different picture, evident by the drop in supply.
“Historical trends within the indices also show that we should not see an increase in figures until September, but with the current rate of change it will be interesting to see what the forth coming months bring.”