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
"A 24% increase in applicant demand highlights, if we needed to, that the summer lettings
market is in full flow! That demand is all but matched by a 22% increase in listings monthon-month,
which is why there should be no surprise that rental prices remain flat and in
line with our expectations. We are still seeing on average 19 renters per new instruction, as
the combination of families moving during school holidays, which often drives an uplift in
corporate relocations, and students preparing for a new academic year inflate an already
buoyant summer lettings cycle. "
~ Gareth Atkins, Managing Director of Lettings
The month of July serves as a critical indicator of the health of the lettings market. In July 2024,
there has been a substantial increase in the supply of new properties entering the market, with
over 40,000 new listings reported. This figure is significantly higher than the numbers recorded in
July 2023 and July 2022. Similarly, demand has risen markedly, with applicant registrations
increasing by almost a quarter month-on-month. As both the supply and demand have surged,
prices have remained stable, demonstrating the continued resilience of the London market.
-There has been a 22% month-on-month increase in new listings, marking the commencement of
the peak lettings season and contributing to an 8% increase year-to-date.
-Applicant demand in July has risen by 24% month-on-month, and there is a 6% increase when
comparing July 2024 to July 2023.
- Rent levels have remained stable in 2024, with no change observed in July compared to June,
and minimal fluctuation in the average rent since April 2024.