Looking back at 2023, the London rental market proved resilient, despite economic headwinds.
An increase in listings, particularly in the second half of the year, brought some much-needed
stability. While average prices increased in line with inflation, budgets rose to accommodate as
renters prioritised London in their searches.
Looking ahead in 2024, the average rent price will be a key factor, especially for its impact on
affordability. With the continued pressure of high interest rates, landlords may raise prices to
manage costs or leave the market, which would reduce supply. On the other hand, as inflation
begins to fall, experts predict an increase in real wage growth. There should be a return in
consumer confidence and spending. As a result, renter budgets may continue to grow, which
would also push average rental prices up.
Foxtons Lettings Market Report
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Foxtons - Lettings Market
Contact
EMAIL
sarah.tonkinson@foxtons.co.uk
PHONE
+44 (0)20 8636 4605
"Our belief is that the 2024 London Lettings market will be a far more traditional market
than we have seen since 2020. Our expectations are for volumes to rise with seasonality
over spring and summer before plateauing in Q4 offering more predictability for renters
and landlords despite the General Election on the horizon."
~ Gareth Atkins, Managing Director of Lettings
"Now in the first month of 2024, the market is certainly better balanced than we have seen
in recent years. It makes a strong start to what should be a pivotal year in London lettings."
~ Sarah Tonkinson, Managing Director of Institutional PRS and Built 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