Foxtons Lettings Market Report
1
Foxtons - Lettings Market
Contact
EMAIL
gareth.atkins@foxtons.co.uk
PHONE
+44 (0)7773 816 498
EMAIL
press@foxtons.co.uk
PHONE
+44 (0)20 7766 1230
EMAIL
fran.giltinan@foxtons.co.uk
PHONE
+44 (0)20 7893 6227
"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.
"In peak season, we see triple the move-ins and move-outs, which tests support services
from inventory clerks to tradespeople who provide certifications like EICR. It is imperative
that landlords secure these services right when a property goes under offer to prevent
delays to the move-in."
"You should also prioritise a check-in, which ensures you've completed all mandatory
safety checks. Importantly, it sets a clear baseline for you and your tenant, aligning your
expectations for the property's condition at the tenancy's end. With autumn approaching,
your new tenant will turn on the heat right when repair services are busiest. So, a thorough
pre-move-in check of the boiler by a certified professional will start the tenancy on solid
footing."
~ Fran Giltinan, Managing Director of Property Management & Customer Experience