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Over the last few months, the supply of rental properties to the market has remained flat,
diverging from its usual seasonal trend. Simultaneously, demand has risen to unprecedented
levels; despite cost-of-living concerns, London remains one of the most attractive cities in
which to live, work and invest. With tax and regulation changes and interest rates beginning to
rise, it's likely that more landlords will reduce their portfolios, limiting new stock. Renters who
were on the cusp of buying their first home are now staying put or finding a new rental,
adding to demand. This may reverse the typical downward trend for demand in Q4.
• Demand continued to rise, so August 2022 became the highest ever month recorded
for applicant registrations
• Listings dropped 9% from July to August. Year to date, the number of new listings is 39%
lower than last year.
• Average rental prices achieved in August 2022 was £542 per week, just slightly below
the record £550 per week seen in June 2022.
Foxtons Lettings Market Report
1
Foxtons - Lettings Market
Contact
EMAIL
sarah.tonkinson@foxtons.co.uk
PHONE
+44 (0)20 8636 4605
"Currently, about three quarters of our tenancies are renewing. At the same time,
the sales market is strong, so there are 43% less available properties than last year.
Adding to that, as Covid eased, there has been a massive return of renters to
London, including international students and corporate relocations, translating to
the highest level of demand ever recorded in August. So, with the huge demand
and a lack of available properties, rental prices have reached record highs across
the board." ~ Gareth Atkins
"After reaching its peak in August and September, we have historically seen renter
demand slow in Q4. We do not see that happening this year. Consider 2020, when
the pandemic gave renters a limited window to move and Q4 became busier. Then
2021, where two summers of pent-up demand spilled even further into Q4.
Now, with this year's lack of new rental stock and with demand breaking records,
we're headed into a Q4 that could be unprecedented in its renter demand."
~ Sarah Tonkinson
EMAIL
gareth.atkins@foxtons.co.uk
PHONE
+44 (0)7773 816 498
EMAIL
press@foxtons.co.uk
PHONE
+44 (0)20 7766 1230