The unprecedented competition in 2022 and 2023 has relaxed somewhat in 2024, due to a rise
in new listings and decrease in demand. For context, 2019 often acts as the benchmark for a
more traditional market, and when comparing this January to January 2019, applicant demand
was up 71% and London's new listings were down 18%. So, the market remains powerful even as
it adjusts. For that reason, we anticipate prices to closely mirror the 2023 seasonal changes.
· The number of new instructions was 25% higher than last January, and this trend of
increasing supply is anticipated to continue for the first half of 2024.
· Rental prices decreased by 1% from the same period in 2023, this small decrease in rental
price can be attributed to increasing supply.
· Demand in January 2024 was 10% lower than in January 2023, resulting in a year-on-year
decrease of 26% in new renters per new instruction.
Foxtons Lettings Market Report
1
Foxtons - Lettings Market
Contact
EMAIL
sarah.tonkinson@foxtons.co.uk
PHONE
+44 (0)20 8636 4605
"As forecasted, the start of 2024 has seen a more normalised lettings market, and as new
properties come to the market, it will be important for landlords to keep track of how that
effects their asset. The London lettings market can move quickly and be very localised, so
a good agent providing timely market analysis and adjusting the strategies accordingly will
help to attract the right qualified tenants."
~ Gareth Atkins, Managing Director of Lettings
"We are not expecting massive price growth across London's lettings market this year,
around 0 and 2%. The market is still competitive; January 2024 had 56% more applicants
per new instruction than in 2019 - which we consider to be the last year that there was a
more normalised lettings market. So while there is opportunity, landlords may need to take
a more active approach to pricing and work with agents to place tenants and minimise
void periods."
~ 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