The lettings sector is in the midst of a summer slowdown with no pick up in activity expected until next month, Agency Express says.
The board company’s Property Activity Index has revealed a slowdown with national month on month figures for properties ‘To Let’ dropping 2.7 per cent compared to June, while properties ‘Let’ are 1.4 per cent lower.
However, the index’s historical data shows the decline in ‘To Let’ properties to be less than figures recorded this time last year.
Of the 12 regions recorded by index, four reported increases in new listings ‘To Let’ and five reported increases in properties ‘Let’.
The North East sat at the top of this month’s leader board. Following a slowdown in June the region bounced back with new listings up 15.2 per cent and properties ‘Let’ rising by a remarkable 34.2 per cent - this is the largest increase for July since 2015.
The largest declines in this month’s index were made in Yorkshire and Humberside. Figures for properties ‘To Let’ fell 11.8 per cent and properties ‘Let’ by 19.8 per cent.
London followed suit with a 13.3 per cent drop in properties coming to the lettings market.
“This month we have seen slower movement throughout UK lettings market but declines are expected during the summer holiday period. While we do expect to see some increases in August we don’t envisage a real pickup in activity until September” according to Stephen Watson, managing director of Agency Express.