Foxtons Lettings Market Report
1
Foxtons - Lettings Market
Contact
EMAIL
sarah.tonkinson@foxtons.co.uk
PHONE
+44 (0)7773 816 247
"The data proves London's rental market is fiercely competitive right now. Applicant
demand holds steady at peak levels and an average of 23 renters are vying for each new
instruction. Also, many renters are exceeding their budgets, a clear indicator that renters
are willing to dig deep to secure homes."
"Renters are determined, so landlords must act fast when accepting offers. Even if the
move-in date is several weeks away, delays in processing offers or paperwork can lead to
lost opportunities - renters might shift their focus to other available properties. Landlords
should capitalise on the current market dynamics by promptly finalising agreements, thus
avoiding unnecessary void periods and maximising rental income in this highly competitive
environment."
~ Sarah Tonkinson, Managing Director of Institutional PRS and Build to Rent
EMAIL
gareth.atkins@foxtons.co.uk
PHONE
+44 (0)7773 816 498
EMAIL
press@foxtons.co.uk
PHONE
+44 (0)20 7766 1230
"July and August were the busiest months this year, as you'd expect, with August seeing a
remarkable 23% month-on-month increase in renters per new instruction. However, we're
now approaching the fourth quarter, which is reliably the quietest period in London
lettings. It's crucial that landlords take action now to avoid having properties sit vacant
during this lull."
"September is the critical window of opportunity. I strongly advise making the most of this
month's market activity to secure quality tenants and maximise your rental income. This
month goes remarkably fast, and strategic pricing and marketing now could make a
significant difference to your returns over the next year."
~ Gareth Atkins, Managing Director of Lettings
In August, applicant demand continued to reach record highs for 2024, maintaining a strong level
of around 40,000, consistent with July's surge. Additionally, the number of new properties entering
the market year to date outpaced the same period in 2023, indicating positive trends for both
supply and demand.
- There was a 23% month-on-month increase in the number of renters per new
instruction, emphasising the competition in the market
- The number of new listings was 7% higher in 2024 year to date, compared to the same
period in 2023
- Rent achieved remained stable, with no change between August and July.