October has produced mixed results for the UK rental market, as data for new listings of to let Properties has risen, while the figure for properties that have been let has dropped for a third consecutive month, according to the latest Homelet Rental Index.
The figures also show that the average monthly cost of a new tenancy has increased by 7.2% year-on-year while figures for properties let fell for a third consecutive month at -4.9%.
Read more: Northern England starts to have greater influence over the BTL
Looking back over the Property Activity Index’s historical records year-on-year comparisons shows that the overall decline in properties that have been let is only marginally less than 12 months previous.
11 of the 12 regions recorded by the Property Activity Index reported increases in the number of properties to let and only two recorded increases in properties let.
The market is particularly buoyant in central England, recording increases in both new listings at 13.7% and properties let at 5%.
Read more: Can you guess where rents are rising fastest in England and Wales?
The largest increase in this month’s Index was reported in the North East where figures for new listings to let sat at 17.8% but in contract the region also recorded largest decline in properties let sitting at -14.90%.
The only region in this month’s Index to record a fall in both new listings and properties let was the South West. Figures for new listings fell from 8.4% in September to -0.7% and figures for properties let fell for a third consecutive month at -2.3%.
Stephen Watson, managing director of Agency Express, said: “As we look back at historical data recorded by the Property Activity Index we can see that a decline in ‘let’ properties is characteristic for October.
“However, we have seen an early slowdown in ‘let’ board movements and if trend dictates it will continue until the New Year. So, while year on year figures are still relatively on par the end of year figures may look somewhat different.”
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