Power BI Desktop
The London rental property market has started to cool in November 2022, in line with its normal,
seasonal trend for winter months. The decline in renter registrations reduced the significant imbalance
between demand and supply. This started to relieve the upward pressure on rental prices, although they
still hovered around the recent record highs. The low supply of property coming to the market continues
to be the headline and is expected to be the main concern for the industry as we look ahead to 2023.
· Whilst average rental prices decreased 3% month-on-month in November, this was
the third
straight month they reached £550 or more.
· There were 24,132 new listings, a welcome but surprising uplift of 7% compared
to October 2022.
· Applicants per new instruction saw a 31% reduction from October 2022, and for the first
time in over two years, this figure was lower than the same month last year.
Foxtons Lettings Market Report
1
Foxtons - Lettings Market
Contact
EMAIL
sarah.tonkinson@foxtons.co.uk
PHONE
+44 (0)20 8636 4605
"With so much debate on rising rent prices, cost of living, mortgage rates and supply
shortages, all eyes are on the London Lettings market. There has been a slight seasonal
decline in demand, which is usual at this time of year, alongside an unusual, marginal increase
in supply. There were 15 new renters competing for each new listing this November, which is a
31% reduction from October but still represents historically high demand. In line with a little
more property available we have seen rental prices stall, but there's still a long way to go
before we see rent prices move away from recent record highs." ~ Gareth Atkins, Managing
Director of Lettings
"In a usual year, landlords typically avoid putting property on the market around November,
as renters are less active right before the holidays. But in a year that's broken all the rules,
we're happy to see a 7% uplift in new listings this November. Along with a 26% reduction in
renter applications, this may start to relieve some of the pressure in the market, although
demand is still 15% higher year to date compared to 2021 and supply is 3% lower than
November 2021, so the imbalance is still there." ~ 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