Lettings Report - Lettings Market Report April 2023

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This April, the London rental market showed no signs of slowing down. Demand for rental properties

remained high and average rent prices continued to rise. The fast-paced market was driven by numerous

factors, including the continued growth of London's economy and the increasing popularity of flexible

working arrangements. As a result, renters found themselves in intense competition, with landlords often

receiving multiple offers higher than their asking price.

· The average weekly rent in April exceeded £550 for the second month this year, which was

2% higher compared to March and 13% higher year-to-date compared to last year.

· The market experienced a slight drop in new listings of 12% from March to April. This

decrease aligned with levels seen in April 2022, of around 25,000 new listings.

· Although applicant demand fell by 10% from March to April, it followed right in line with

the pattern set last April, which preceded a seasonal rise in demand.

Foxtons Lettings Market Report

Foxtons - Lettings Market

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"So far this year, the London lettings market has seen the same number of new listings as it had by

April 2022. As expected, the high levels of demand have also remained very similar. Rental prices

have remained almost flat on the levels we saw in January, highlighting that we are in a very similar

market to 2022.

"What has changed this year is how aware renters seem to be of market challenges, we have been

recommending to our tenants that they start their search as early as possible, are prepared to move

fast when they find the right property and, if they can, look to secure a longer tenancy. Many of our

landlords prefer the security offered by a long-term tenancy and the price is set, which helps renters

budget in the current climate."~ Gareth Atkins, Managing Director of Lettings

"The April market is already busy with active applicants, and supply and demand are right in line with

last year's levels. It seems like summer comes a bit earlier each year in London lettings; Renters used

to wait until later in the summer to start their search, but today's experienced renter is already

searching to pre-empt the peak season crowd. These experienced renters are looking further down

transport lines, ensuring the assets and amenities of a property justify the price, and they know a

good move when they see one. If landlords want to reach these early-season tenants, they have to

adjust accordingly."

~ Sarah Tonkinson, Managing Director of Institutional PRS and Built to Rent

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+44 (0)7773 816 498

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