Lettings market recovers from ‘spring slump’

ehs-17According to data just released by board company Agency Express, following ‘a slumber market’ in the spring, latest figures show nationwide increases in both ‘To Let’ and ‘Let’ properties.

National figures for new listings ‘To Let’ crept back up by 3.6% while properties ‘Let’ improved 2.0%.

However, over a three-month rolling period ‘Let’ figures remain down 0.9 per cent and the market still appears slightly slower than in previous years.

Agency Express says eight of its 12 regions reported increases in properties ‘To Let’ in the past month while six reported increases in properties ‘Let’.

The best performing regions for properties ‘To Let’ were the South West , up 14.5% and the West Midlands, with a 14.4% rise. Furthermore, Central England was up 12.6% while London, despite recent fears, has shown improvement at 11.3%.

In terms of performance for properties ‘Let By’, the West Midlands was the top performer, up 31.0%. Central England was up 14.0% and Scotland by 13.5%.

London again showed improvement, albeit by a modest 7.1%.

‘This month we have seen some overall growth for the UK lettings market with some regional pockets recording record bests. As we move in to June which is traditionally a buoyant month we would expect to see a further increase in pace,’” explains Stephen Watson, managing director of Agency Express.

These figures will be a relief to many in the lettings sector, with recent analysis highlighting a continuing slump in availability of properties to let with the backdrop of the Tenant Fees Bill. Only last week, analysis by property website Home highlighted the dearth of rental properties is not only a regional but a UK-wide issue,  and  is now particularly severe in London where there was a 20% drop in the number of properties available to rent over the last 12 months.

Over the same period there has been a 12 per cent fall in the number of available rental properties across the UK.

This reduction in supply is leading to a surge in rents, especially in the wealthiest parts of London.

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