Foxtons Lettings Market Report
1
Foxtons - Lettings Market
Contact
EMAIL
gareth.atkins@foxtons.co.uk
PHONE
+44 (0)7773 816 498
EMAIL
press@foxtons.co.uk
PHONE
+44 (0)20 7766 1230
EMAIL
fran.giltinan@foxtons.co.uk
PHONE
+44 (0)20 7893 6227
"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%.
"London saw strong listing volumes this October, with landlords staying firmly in the market
even as the Renters' Reform Bill moves forward. Key changes include the ban of Section 21
evictions, a shift to periodic tenancies and private rentals meeting the Decent Homes
Standard. In terms of rent, while rental bidding won't be allowed, annual rent reviews can
still happen with two months' notice. Having prepared extensively since the previous
Renters Reform, our systems and expertise are already well-aligned - Foxtons landlords
can feel confident about maintaining strong returns."
~ Fran Giltinan, Managing Director of Property Management & Customer Experience