Foxtons Lettings Market Report
1
Foxtons - Lettings Market
Contact
EMAIL
sarah.tonkinson@foxtons.co.uk
PHONE
+44 (0)7773 816 247
"The recent Autumn Budget has brought welcome news for London's Build to Rent sector.
The government's commitment of an additional £3 billion to housing guarantee schemes is
a clear signal of the urgent need for quality rental housing in our city. As we head into
winter, we anticipate a competitive market as operators work to secure long-term
tenancies and avoid voids. The new year promises to be particularly dynamic, with both
industry leaders and renters poised to take advantage of the growing opportunities in this
sector."
~ 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
"Rental listings in London hit their highest October levels since 2019 - a sign that many
investors are choosing to stay put. The number of available properties fell only 2% from
September, which is highly unusual, bucking the seasonal slowdown."
"The Autumn Budget brought welcome relief, with no impact on existing rental
properties as Capital Gains Tax remained unchanged. With interest rates forecast to fall
and demand strong, landlords might expect cheaper mortgages and improved returns.
In this competitive landscape, you need an agent who can swiftly navigate the market to
maximise your listing's potential."
~ Gareth Atkins, Managing Director of Lettings
Contrary to prevailing headlines of landlord exits, the lettings market has demonstrated resilience
throughout 2024. This trend culminated in October with a marked year-on-year increase in new
listings, defying expectations shaped by narratives of declining landlord participation. The
surprising increase in new listings could be attributed to several factors, including strategic market
re-entry by landlords adjusting to stabilising interest rates and newly completed residential
developments. Demand remains robust across London, supported by 12 renters per property on
average, despite a seasonal reduction in applicants per new instruction as the peak lettings period
concludes.
· October 2024 recorded the highest level of new stock entering the market over the past
four years, with an 8% increase compared to last year.
· October's demand is a marginal 3% lower than last October and decreased 32% from
September, as expected during this time of year.
· Following a yearly high of £593 this September, there was a slight cooling in October as
rents have reduced by 4%.