Following a robust lettings market in April, May’s figures from the Agency Express Property Activity Index have shown a sharp decline in both ‘To Let’ and ‘Let’ properties.

New listings were down 11.9% and properties ‘Let’ down 11.1%, marking the largest month on month decline for May since the index’s first records in 2012.

All of the 12 regions recorded by the Property Activity Index reported declines in new listings and ten recorded a drop in properties ‘Let’.

Some of May’s better performing regions included:

Properties ‘To Let’

• Scotland -4.10%
• West Midlands -4.20%
• Wales -5.20%
• Central England -6.70%
• North West -8.60%

Properties ‘Let By’

• South East 10.10%
• Scotland 4.10%
• East Anglia -3.70%
• East Midlands -10.50%

Stephen Watson, managing director of Agency Express, said: “The Property Activity Index historically shows us a drop in figures throughout May.

“However, this month we have seen a much greater fall than in years previous. An unseasonal rush in activity throughout March, followed by a reactive dip in April and reduced lending, has certainly blurred May’s figures.

“Now with the impending EU referendum it may be some time before we see a more balanced view of the UK lettings market.”