The UK rental market remains resilient, despite an expected summer slowdown in activity.
This is the message from the latest Agency Express Property Activity Index.
The study of agents’ ‘To Let’ and ‘Let By’ found that during August there 4.1% fewer new ‘To Let’ boards and 1.9% fewer ‘Let By’ boards when compared with July.
Agency Express points out that this slowing in activity is considerably less significant than in 2015.
In August 2015, the number of ‘To Let’ boards dropped by 13.2% between July and August and the number of ‘Let By’ boards fell by 9.2%.
The data shows that four of twelve UK regions recorded growth in new listings last month, while three regions recorded growth in the number of properties let.
East Anglia was the top performing region, recording a new listings increase of 1.1% and a 6.1% increase in the number of ‘Let By’ boards.
In the North East, the number of properties let soared by over 20% between July and August.
The August figures for these two regions were records, according to Agency Express
Wales, the South East and the South West all recorded increases in the number of ‘To Let’ boards during August.
Meanwhile, the number of ‘Let By’ boards increased in London.
The largest declines in ‘To Let’ and ‘Let By’ boards were recorded in Central England, down by 16.2% and 9.2% respectively.
“This month the UK rentals market has seen some seasonal decline, but our data shows this to be less than in years previous,” comments Stephen Watson, managing director of Agency Express.
“As we collate September’s data we would expect to see a spike in activity once again. Last September new listings sat at 4.2%, this year we’d hope to see a larger increase based on current activity,” he adds.