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Rental prices continued to surge upwards in September, reaching the highest ever weekly
price. The primary reason for this is the low levels of new properties coming to the market,
which drove intense competition. Those renters that could extend their budgets were willing
to do so, spending over their maximum registered budgets to secure a rental property.
Despite a seasonal reduction in demand, the market has not shown its typical signs of cooling
as we head into Q4.
· Average rental prices achieved in September 2022 was £553 per week, breaking
June 2022's record as the highest average rental price ever recorded.
· There were 23,000 new listings in September 2022, the lowest monthly volume of
new instructions year to date in 2022.
· In September 2022 renters spent 101% of their registered budget to secure a
property, an increase of 3% from August 2022.
Foxtons Lettings Market Report
1
Foxtons - Lettings Market
Contact
EMAIL
sarah.tonkinson@foxtons.co.uk
PHONE
+44 (0)20 8636 4605
~ Gareth Atkins, Managing Director of Lettings
"The Lettings market in September continued to grow as we hit a new record high for the average rental
price. This demand was triggered by huge numbers of new renters looking for property; students physically
returned to London post Covid, corporate relocations resumed at full pace and rising interest rates
persuaded some buyers to continue renting in the immediate future. It meant, in September, 29 applicants
registered for every new property brought to the market. Combined with this, there were 38% less new
market listings than the same time last year. With over three quarters of our tenants choosing to renew
rather than look for a new property, I don't expect the pressure of low stock to ease anytime soon."
~ Sarah Tonkinson, Managing Director of Institutional PRS and Built to Rent
"The normal seasonal trends you'd see in Q3 were taken to their extremes this year. August and
September are always peak lettings season, but this year, August saw the highest level of demand ever
recorded, and average rent broke records in September at £553. Now that we're past the peak,
renter demand should relax as it does in Q4, but I suspect it'll remain significantly higher than we'd
typically see for October. The lack of supply is still making headlines, as September's 23,000 new listings
was the lowest level yet in 2022. I can say, from a Build to Rent perspective, there will be an
influx of stock in the new year, however, we've already got renters registered now looking for their next
home."
EMAIL
gareth.atkins@foxtons.co.uk
PHONE
+44 (0)7773 816 498
EMAIL
press@foxtons.co.uk
PHONE
+44 (0)20 7766 1230