Lettings Report - Lettings Market Report November 2023

As we move into December, we can begin to reflect on the performance of the market through

the year. Since February, the number of new listings in the market each month has outperformed

the same month in 2022, with this increase in supply bringing a measure of relief to the market.

Demand has been cooling since May 2023 and a less competitive market has resulted in

average prices achieved stabilising.

· A 20% decrease in applicant demand in November fell in line with the seasonal slowdown

of the lettings market.

· In November, London experienced a notable 13% year-on-year increase in new instructions,

however a slight 4% decline compared to October 2023.

· Rent achieved has marked an 8% year-on-year upswing, with the London average at

£582. On a month-on-month basis there was a marginal 3% decrease.

Foxtons Lettings Market Report

Foxtons - Lettings Market

Contact

PHONE

+44 (0)20 8636 4605

"If the trends we saw this year continue, especially those from the latter half of 2023, I

expect we will see much more consistent pricing with a gradual increase and decrease on

either side of Q3 and more stability in available stock. A predictable market will be a

welcome respite for landlords and renters. However, 2024 may also see some changes in

the sector with Rental Reforms, so at Foxtons we invest substantial time and resources in

state-of-the-art analytics and robust expert insight to ensure our clients are prepared,

whatever the new year brings."

~ Gareth Atkins, Managing Director of Lettings

"November's market followed October's lead with more of the typical, seasonal trends we'd

except. However, we're very busy at Foxtons and we are looking forward to 2024.

Londoners are calling for new homes to rent, and we can see a lot of exciting opportunities

to rent in the Capital coming their way in the new year."

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

PHONE

+44 (0)7773 816 498

PHONE

+44 (0)20 7766 1230