The number of new rental properties being listed increased by 9.5% compared to the previous month and the number of lets agreed rose by 5.3% from the previous month.
Looking at the figures on a regional level, 11 out of the 12 regions recorded an increase in new listings for properties to let and 10 out the 12 had seen an increasing number of lettings agreements.
Southern regions were the top performers when it came to listings, with London and the South West, recording an increase of 21.5% and 20.1% in the number of properties being advertised to let, respectively. However, there is a decline in both regions when you look at the figures year-on-year. Other regions that came up on top in listings were Central England (17.8%), East Anglia (14.7%) and West Midlands (11.1%).
The regions that performed well with properties being let out include Wales, which saw an increase of 29% in properties being let (the biggest increase in figures since 2015), as well as the North West (18.6%) and the South West (13.9%).
This will be welcome news for landlords - the data demonstrates that there is still a huge demand for rental properties across the country, despite factors like Brexit and changes in legislation, namely The Tenant Fee Ban. These findings were backed up by a report provided by the PropTech company Goodlord, which found average rents had increased in half of the regions studied in the same period.
The managing director of Agency Express agreed that the findings were encouraging: “May has historically been a slower month for board movements. However, over the last two years we have seen a shift in this trend. Year-on-year figures are starting to rise and this month we have seen some overall growth for the UK lettings market. As we move into June which is traditionally a buoyant month market we would expect to see a further increase in pace.”
This is further evidence that buy-to-let properties continues to be rewarding for individuals that put their money in buy-to-let properties.
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