Foxtons Lettings Market Report
1
Foxtons - Lettings Market
Contact
EMAIL
sarah.tonkinson@foxtons.co.uk
PHONE
+44 (0)7773 816 247
"The market in 2024 has made the case for greater Build to Rent investment in London,
demanding homes that resonate with an increasingly diverse renter pool. Build to Rent
operators have a unique capacity to align their offering with genuine resident preferences,
like flexible lease structures or the best-suited amenities. Knowing this, momentum has built
at a remarkable rate throughout 2024.
This year we found successful projects hinge on agility - the faster operators can strategise
and respond in an increasingly sophisticated market, the better. So, you need data, you
need expertise, and you need to put your agents through their paces."
~ Sarah Tonkinson, Managing Director of Institutional PRS and Build 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
"Renter demand was steady and persistent in 2024, even as the number of listings
increased - reaching 7% higher than 2023 (year to date) by the end of November. So,
although this market had more of the traditional seasonality than we've seen in recent
years, it was still highly competitive throughout, with an average of 15 renters per each new
listing year to date. Record-breaking budgets and localised demand highlighted the
importance of savvy positioning. As we step into 2025, the lessons of 2024 are clear:
success requires not just property, but proactive, intelligent market engagement."
~ Gareth Atkins, Managing Director of Lettings
Budgets have increased slowly throughout the year, as the expectation of increased competition
and a scarcity of lettings stock has failed to materialise or have any significant impact on the
market - yet. Whilst some landlords are leaving the market, there is an increased number of
listings providing renters with more choice than previous years. Average rental prices have
remained stable and even started to cool in recent months. They are likely to remain stable
through Q1 2025.
· In November, there were over 30,000 new listings coming to the London market, according
to our analysis of Zoopla's data. This is the same amount as last November.
· Applicant demand remained strong, with applicant demand 1% higher in November 2024
compared to November 2023.
· Average rent achieved in November 2024 was £541, a 5% decrease month on month
compared to October.