Robust start to the year for rental market

Robust start to the year for rental market

The UK rental market has enjoyed a strong start to the year, according to the latest data from Agency Express.

The letting agency board service's Property Activity Index shows that there was a significant improvement in activity levels in the private rented market in January.

Across the UK, the number of new listing 'to let' rose by 50.8%, marking the largest increase in activity for the month since the index's first records. The data also shows that activity in January has been steadily increasing over the past three years. 

New listings 'To Let'                                           Properties 'Let'

January 17 - 50.8%                                              January 17 - 47.1%

January 16 - 43.6%                                              January 16 - 46.1%

January 15 -  39.8%                                             January 15 - 44.7%

The number of properties 'let' last month also remained true to trend at 47.1%, which marks a major improvement on the level recorded in the same month in 2016.

On a regional basis, all 12 regions recorded in the index reported growth in new listings 'to let' and properties 'let'. 

Properties 'To Let'

  • Scotland 84.1%
  • Wales 81.5%
  • London 67.70 %
  • East Anglia 62.4%
  • North East 62.1%

Properties 'Let By'

  • Wales 89.5%
  • South West 83.4%
  • North East 73.1%
  • London 55.8%

The smallest increases in this month's index were recorded in the East Midlands, where the volume of new listings 'To Let' sat at 3.2% and and properties let during the period at 22.1%. Looking at historical data recorded for the region we can see that this level of activity was last reported in 2013.

Stephen Watson, managing director of Agency Express, said: "Following the December lull a spike is activity is always predicted. While month-on-month figures for January are heavily affected by the change in seasonal activity, we continue to see overall growth for the UK lettings market with some unexpected regions returning record bests." 

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