Lettings market slows in August after post-lockdown boom

18 September 2020 | Renting

Lettings market slows in August after post-lockdown boom

The letting market experienced a traditional seasonal decline in August, according to the latest analysis from Agency Express.

Its Property Activity Index shows that the number of To Let boards was down 16.5% compared to August, while the number of Let boards dropped by 16.2% during the same period.

The seasonal decline experienced between July and August was larger this year compared to 2019, when the number of To Let boards dropped by 11.3% and Let boards decreased by just over 8%.

Regionally, the number of To Let boards dropped in all areas, with East Anglia (-8.4%), the South West (-11.1%) and Scotland (-11.6%) recording the lowest declines.

Looking at Let boards, Scotland was the only region to record positive monthly growth at 3.4%.

The largest overall declines were recorded in Yorkshire and Humberside, where new listings dropped by 19.4% and Let boards declined by 24.8% between July and August.

“Throughout August we typically a slowdown across the UK lettings market. However, the decline in figures this year has been greater than years previous,” says Stephen Watson, managing director of Agency Express.

“Moving in to September we still expect to see figures recover but with this month’s lull it will be interesting to see how the bounce fairs compared to 2019.”

This post has originally been featured in Letting Agent Today.