There are some signs of the rental market cooling, with demand beginning to normalise as we
approach spring. This February, West and South London respectively had the largest declines with
Central, North and East seeing only moderate reductions. There is a healthy supply of properties
coming to market, which should lead to a stable and balanced market in the coming months.
· The number of new instructions in February 2024 was 20% higher than in February 2023.
· Average rent achieved rose 3% from January 2024 to sit at an average of £561.
· Applicant demand this February decreased 15%.
Foxtons Lettings Market Report
1
Foxtons - Lettings Market
Contact
EMAIL
sarah.tonkinson@foxtons.co.uk
PHONE
+44 (0)20 8636 4605
"The London lettings market is adjusting as we predicted, with applicant demand down
15% and listings up 20% compared to February last year. Landlords must adapt, as simply
listing their property is no longer enough to achieve a good return. Though applicant
numbers remain higher than 2019, we are conducting 23% more viewings in order to
secure tenancies. Building a competitive pricing strategy and instructing a proactive agent
are crucial for a landlord's success in this evolving market."
~ Gareth Atkins, Managing Director of Lettings
"South London had the highest demand, Central London had the highest budgets and
West London was the only region to see a year-on-year increase in average price this
February. Dig deeper, and you'll find even greater differences within each region. Landlords
can set their listings apart by understanding and adapting to nuances in their local market.
That's why we leverage real-time data and analytics to optimise our clients strategies,
keeping landlords competitive within micro-markets."
~ 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