Almost three years on from the pandemic, the market is beginning to move in a more
predictable pattern. In June, demand remained at similarly high levels as last year, whilst the
supply of properties coming to the market was slightly higher. Despite being more predictable,
the underlying imbalance in the market remains high, with a shortage of rental stock causing
intense competition for properties and continuing to underpin rental prices. In the second half of
2023, it's expected that the market will again see increasing rental prices, although the rate of
growth is expected to moderate.
•The average rental budget rose 2% month on month in June to reach £529 per week, this is 8%
was higher than 2022 year to date.
•Applicant demand has risen 19% in June 2023 from May 2023 as we enter peak lettings season.
•The average weekly rent has dipped slightly by 2% compared to May 2023 now sitting just
below £600, however, the average rent is 12% higher than 2022 year to date.
Foxtons Lettings Market Report
1
Foxtons - Lettings Market
Contact
EMAIL
sarah.tonkinson@foxtons.co.uk
PHONE
+44 (0)20 8636 4605
"The growing imbalance between supply and demand is unsustainable, and last month we
wrote to the Secretary of State for the Department of Levelling Up, Housing &
Communities highlighting the challenges private landlords face, and how this also
negatively impacts renters, alongside suggesting ways of addressing the supply issue. We
will continue to engage with the Government to support a sustainable rental market
in London."
~ Gareth Atkins, Managing Director of Lettings
"London saw over 4,000 more new listings than it did last June. However, demand is
already on the rise - 19% up month on month in June - and August and September mark
the traditional summer peak. There will be fierce competition this year. We'll need more
supply now, as well as strategic homebuilding in the coming years, to continue to draw
talent into our workforce and public sectors from across the country and around the
world."
~ 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