Lettings Report - Lettings Market Report March 2023

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As we look back on the first quarter of 2023, we see a period of more predictable trends, which

better reflect the stability of a normal year in lettings. Applicant registrations and supply of new

instructions were virtually the same, year to date, as last year's first quarter. Rental prices remained

high and we expect them to steadily increase as the market moves into peak lettings season.

· The average weekly rent achieved in March 2023 was down 4% compared to February,

however, it was still 14% higher year-to-date compared to 2022.

· The number of properties coming to market increased in March 2023, with listings up 19%

compared to February. This welcome increase in instructions took the total to around

30,000.

· Applicant demand rose 4% from February to March, nearly reaching reached the same

level as in March 2022.

Foxtons Lettings Market Report

Foxtons - Lettings Market

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+44 (0)20 8636 4605

"At the beginning of the first quarter, we said the market would show the same strength as last

year's first quarter, but it would climb through 2023 at a much steadier rate, requiring renters

to remain vigilant as stock comes to the market out of season. At the close of the first quarter,

this prediction is right on track. Supply and demand have hit similar levels to 2022, and we're

beginning to see savvy renters register their search in advance of the summer rush."

~ Gareth Atkins, Managing Director of Lettings

"Over the last few years we have seen both extremes in the lettings market - firstly in the postlockdown market, with its high supply and great

deals for renters, and then the 2022 market,

with rapidly rising rents due to unprecedented demand and an incredibly low supply - which

shows that no market lasts forever. It's important to know or have someone on your side who

understands all the intricacies of the market that you're currently letting a property, finding a

rental or renewing a tenancy in. It's also important to get started early this year. Demand rose

4% in March while new listings rose 19%, as the London lettings market gains momentum. The

early bird catches the worm."

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

PHONE

+44 (0)7773 816 498

PHONE

+44 (0)20 7766 1230