Lettings Report - Lettings Market Report April 2024

Foxtons Lettings Market Report

Foxtons - Lettings Market

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+44 (0)7773 816 498

"The first quarter of 2024 saw a significant influx of new properties compared with 2023

and as such, less renters per property - or in broad terms, competition. One of the knockon

effects of that was a stagnation of average prices, which we predicted in January. Early

data from Quarter 2 has seen not only that supply slowed but also the return of 2023

levels of applicants which, if it continues, would be a strong market for rentals to perform

well in. My advice to prospective tenants returns to that of recent years: when you find a

property you like, move fast to avoid disappointment."

~ Gareth Atkins, Managing Director of Lettings

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+44 (0)20 7766 1230

We are seeing a notable increase in demand for homes, which may be an indication of sentiment

improving in the market. An increase of supply in the first quarter had slowed competition, which

renters have now noticed and are seizing the opportunity to make a move. The average rental

prices achieved is in line with 2023, and we expect prices to continue to track closely over the next

quarter.

- There was a 12% increase in demand from March to April, and a 6% increase in applicant

demand comparing April 2024 and April 2023.

- Year to date 2024 there has been an 11% increase in new market listings, with April 2024

having the same number of listings as April 2023 (-1%).

- Average rent achieved has increased 3% in April 2024 with the average rent achieved across

all of London sitting at £555.

"The Renters Reform Bill continues its passage through Parliament before it becomes law,

and has already seen some important amendments that help strike a better balance

between both tenants' and landlords' interests. With further changes expected, Foxtons

Property Management experts continue to track the Bill's progress to help keep you

updated. It's clear that the Bill - including those parts of it that will be phased in after the

Bill first becomes law - mean that having a full-service managing agent who knows the law

is more important than ever before. Foxtons supports both the Bill and the higher

standards it promotes for the letting agency industry. "

~ Fran Giltinan, Managing Director - Property Management & Customer Experience

PHONE

+44 (0)20 7893 6227