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News: Letting market activity springs back into life

Mon, 27 Jul 20

Activity levels in the rental market bounced back to near pre-lockdown levels in June, as the reopening of the housing market released pent-up demand. 

The latest figures from Agency Express show that month-on-month figures for new listings ‘to let’ sat at 51.1% while properties ‘let’ increased to 125.9%.

Looking at performance across the UK, 11 of the 12 regions recorded by the Property Activity Index reported growth in new listings ‘to let’. 

London saw the biggest jump in activity levels, with new listings rising by 67%, while the volume of properties ‘let’ rose 216.%. 

Other hotspots across the UK included:

New listings ‘To Let’

• East Midlands 85.4%
• South West 66.2%
• Yorkshire & Humberside 65.4%
• East Anglia 65.2%
• West Midlands 61.2%
• North East 59.4%

Properties ‘Let’

• Wales 188.3%
• South West 152.1%
• South East 147%
• Central England 144.8%
• Yorkshire &Humberside 134.4%
• East Anglia 110.3%

Stephen Watson, managing director of Agency Express, said: “This month the UK lettings market has really started to ramp up. The levels of activity have been better than our expectations and daily instructions continue to increase.” 

The decline in this month’s index was reported in Scotland. National month on month figures for new listings ‘to let’ fell at -9.5%.

While historical figures show that a decline in June is typical for the region, Scotland’s later return to market, most definitely had an effect on June’s data.

Watson added: “In light of the recent stamp duty holiday, we are also hoping that buy to let landlords will take advantage of the reduced rates, which in turn will inject more activity in the ever demanding market.”

These figures were echoed in the July Home Asking Price Index report.


See also: Home Asking Price Index

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