Lettings volumes have taken a sharp downward trend in May according to board company Agency Express.
New listings were down 11.9 per cent and properties actually let fell 11.1 per cent, marking the largest month on month decline for May since Agency Express began measuring in 2012.
Recent reports from the Council of Mortgage Lenders have also confirmed that gross buy to let lending fell in April after the rush in activity to beat the stamp duty changes.
Looking at performance across the UK, the firm says all 12 of its region reported declines in new listings ‘To Let’ and ten regions recorded a drop in properties ‘Let’. Some of this months better performing regions included:
Properties ‘To Let’
Scotland - down 4.1 per cent
West Midlands - down 4.2 per cent
Wales - down 5.0 per cent
Central England - down 6.7 per cent
North West - down 8.6 per cent
Properties ‘Let By’
South East - up by 10.1 per cent
Scotland - up by 4.1 per cent
East Anglia -down by 3.7 per cent
East Midlands -down by 10.5 per cent
North East -down by 10.6 per cent
The largest decline reported was in the East Midlands with ‘To Let’ figures sitting at a record low of 29.9 per cent.
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Surely this is just a downturn in board instructions and doesnt necessarily reflect the market. With an increasing number of agents not using boards (we havent used them for 10 years) this is just an insight in to a downturn in their trading rather than necessaryily market conditions.
What is more, peaks and troughs in the renting year is not news- these have always been there. Will we see- rental market soars- in the Summer? Yes it does but it always does so it's not really news.
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