Lettings Report - Lettings Market Report May 2024

Foxtons Lettings Market Report

Foxtons - Lettings Market

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PHONE

+44 (0)7773 816 498

"The announcement of the general election has resulted in the shelving of the Renters

Reform Bill. This means there will be no immediate changes to fixed term tenancies or any

of the other provisions within the bill. Renters Reform is likely to be reintroduced under a

new government so we'll keep all of our landlords informed of any changes to come, but

for now, it's business as usual. As we move in to peak summer lettings season, supply is

growing. Renter demand is also growing, mirroring 2023's Q2 trends with a 20% monthon-month

increase. If demand follows last year's trends through summer, Q3 will be a very

busy market."

~ Gareth Atkins, Managing Director of Lettings

PHONE

+44 (0)20 7766 1230

An increase in property listings is helping to create a more balanced, stable market which is a

welcome relief to renters, landlords and agents alike. In May, there were more properties coming

to market than in the previous two years, reducing competition. There has also been the expected

increase in applicant demand at this time of year. However, it is slightly

lower than in previous years because renters have more choice and less competition, so there is

less need to register with multiple agents.

· In May there was an increase month-on-month demand, up 20% compared to April.

· The London market saw 36% more listings compared to April. In 2024 year to date,

there was a 10% increase compared to 2023.

· Average rent achieved was £577 in May 2024, slightly behind the £606 average in May 2023

"Foxtons sees a 30% increase in move ins and move outs over the busy summer months.

My recommendation for landlords? Don't leave your tenancy prep to the last minute.

Check-ins, check-outs and professional cleans are harder to get short notice, and you must

get a check-in to confirm the condition you handed the property over in. This is not just to

ensure you get your property back in the same state of cleanliness, it is evidence of a

properly maintained flat for compliance. Talk to your property manager about what needs

repairing. Lots of tenancies have teething issues, but as a professional landlord, you

should mitigate them before they can become a bigger problem."

~ Fran Giltinan, Managing Director - Property Management & Customer Experience

PHONE

+44 (0)20 7893 6227