With the summer lettings season fast approaching, the focus in the coming months will be on rising rental
prices. The average weekly rental price has already surpassed the peak of 2022 and is expected to continue
to rise in the summer months. This May, London saw an increase in new listings, however the number of
renters registering increased proportionately, so competition remained fierce. Renters will need to start their
search earlier and widen their search criteria in order to secure the property they desire.
· The average weekly rent surpassed £600 in May 2023, an 8% increase from the previous month and a
13% increase year-on-year.
· Applicant demand increased by 31% from April to May in the run up to the busy summer season.
· The market picked up in May, with a 22% increase in new listings. This mirrored the trend in 2022,
where London saw a 23% increase in new listings from April and May.
Foxtons Lettings Market Report
1
Foxtons - Lettings Market
Contact
EMAIL
sarah.tonkinson@foxtons.co.uk
PHONE
+44 (0)20 8636 4605
"We are seeing trends in demand and supply return to a more traditional cycle, in line with what was
commonplace before Covid. The one major difference is that even with May's increase in properties
to rent, applicant demand is far exceeding supply. This is partly due to the normal summer influx of
incoming university students, corporate relocations and families moving during school holidays
combined with the reality that supply has never returned to pre-Covid levels. In May, 8% more
renters registered per each new instruction; an early sign of the competition to come." ."
~ Gareth Atkins, Managing Director of Lettings
"We are right on the cusp of the summer Lettings rush, and with key metrics reaching similar levels to
last year, we know we're in for another busy summer. There was a 22% increase in new listings in
May, yet renter demand is already easily outstripping supply. Weekly rent prices have passed £600,
once again breaking records, and everyone will be closely watching this metric as the market climbs
towards peak season."
~ 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