Lettings Report - Lettings Market Report

Foxtons Lettings Market Report

Foxtons - Lettings Market

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"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.

"2024 is going to be remembered as a year of remarkable, fundamental change in how

rental properties are managed. The announcement of new legislation like the Renters'

Reform Bill, as well as potential regulation changes like the Decent Homes Standards and

EPC standards, present new challenges. Meanwhile, technology is revolutionising the

industry. With it, skilled property managers can streamline operations, improve tenant

satisfaction and, most importantly, swiftly navigate the changes to maximise their landlords'

return on investment."

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