Lettings Report - Lettings Market Report July 2023

The increase in new listings compared to the previous year is a welcome sign for the London lettings

market. With more supply entering the busy summer market, competition is slightly lower this year than at

the same period last year. Demand is also slightly lower than last year, which may start to moderate the

upward pressure on rental prices over the coming months.

· Applicant demand rose 13% from June as the peak lettings season continued through July. Demand

remained lower compared to 2022, as we saw a 4% decrease in demand year to date.

· Average weekly rent remained stable in July, at £597 per week, which is only slightly lower than the

record levels of £599 per week seen in June.

· New listings continued to trend higher in 2023, year to date, at a 6% increase from 2022.

Foxtons Lettings Market Report

Foxtons - Lettings Market

Contact

PHONE

+44 (0)20 8636 4605

"As our market research predicted at the start of 2023, price increases in the lettings market are less

extreme than we saw last year. We've seen expected growth and are now into a more consistent busy

market we normally see at this time of year. As such, the market will remain highly competitive

through summer. This July, as the seasonal rush began, there was an average of 21 renters registering

per each new instruction in London."

~ Gareth Atkins, Managing Director of Lettings

"July's market experienced a rise in activity that always comes with peak lettings season; demand

increased 13%. This period always sees a flurry of activity as families move to London, new graduates

head for London workplaces and the student population make plans for the coming academic year.

The good news for renters is that there is 6% more stock available compared this this time last year,

but competition is still fierce for quality properties and allowing enough time for your search is still

key!"

~ Sarah Tonkinson, Managing Director of Institutional PRS and Built to Rent

PHONE

+44 (0)7773 816 498

PHONE

+44 (0)20 7766 1230