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Monthly boost for rental property supply

Monthly boost for rental property supply

The number of new rental property listings increased by 3.6% during July, according to the latest figures from board supplier Agency Express.

Despite a monthly boost in the number of rental properties available, this figure is still 1.5% lower than the one recorded in July 2015.

What's more, the number of properties let fell by 5.2% between June and July.

However, on an annual basis, 3% more properties were let last month than in July last year.

The best performing region for new listings - measured by the number of 'To Let' boards - was the North West, recording a monthly increase of 12.8%.

This was followed by the West Midlands (9.1%), East Midlands (8.8%) and Yorkshire & Humberside (8.1%).

The best performing region for properties let - measured by the number of 'Let By' boards .-was Central England, up 7.1% month-on-month.

The East and West Midlands also recorded positive figures, up 3.7% and 2.2% respectively. 

Agency Express reports a particularly torrid month in the North East where the number of new lettings listings fell by 10.3% between June and July and the number of rental properties let fell by 18.5% during the same period.

"This month we have seen slower movement throughout UK lettings market," says Stephen Watson, managing director of Agency Express.

"While some decline can be expected during the summer holiday period, the Property Activity Index shows a greater fall in activity than in years previous," he warns.

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