Last summer the London market experienced unprecedented low levels of rental stock and the
end of this summer has seen a move towards a more traditional market and increase in available
properties. This increase has eased the pressure on renters and in turn we've seen a decline of
applicant registrations which is usual at this time of year. Rental prices have remained at a record
high and are expected to remain at this level throughout Q4.
· Renter registrations reduced 32% month-on-month, which was expected as we moved
past the peak lettings season.
· New listings over time grew steadily in September, with a 10% increase year on year.
· This September, there was a 10% year-on-year increase in rent achieved. Month on month,
there was no change, as there has been little movement in rent achieved since May this
year.
Foxtons Lettings Market Report
1
Foxtons - Lettings Market
Contact
EMAIL
sarah.tonkinson@foxtons.co.uk
PHONE
+44 (0)20 8636 4605
"Supply of rental properties in London has increased 10% compared to this time last year,
which is very welcome news. However we are still behind the levels we've seen in 2019,
2021 and of course the post-lockdown market of 2020, so we're not back in a normal
seasonal market just yet. Prices continue to be at record levels and I don't expect that to
change significantly in the short term, we are currently still registering 19 tenants for every
property we have on the market."
~ Gareth Atkins, Managing Director of Lettings
"As we head into Q4, budgets and prices remain high. Renters that move this time of
year are often already living in London, know exactly what they want and are experienced
at renting in the capital. They will be searching for good value in the properties they
choose view and ultimately rent. With higher - but not plentiful - stock levels, landlords will
need ensure they are well priced to attract renters."
~ Sarah Tonkinson, Managing Director of Institutional PRS and Built 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