LONDON'S
LETTINGS
MARKET
Foxtons
Foxtons
DEMAND
SUPPLY
Foxtons saw a huge increase in supply in 2020;
the imbalance between supply and demand
resulted in a fall in rents.
The first quarter of 2021 marks a slowdown in
new instructions coming to the market and the
return of renter demand. Despite an increase in
the ratio of renters per instruction in the first
quarter of 2021, rents continue to be at a lower
level than pre pandemic.
About our data
Foxtons' extensive
database of over
215,000 tenancies has
been collated over
more than 18 years.
This makes it one of
the largest databases
of property market
information held for
London.
14
16
12
10
8
6
4
2
0
2018 to 2020 average 2021
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
The ratio of new renter
registrations to new
properties instructed in
the first quarter of 2021
is above the three-year
average. Zone 1 saw the
biggest increase in renter
registrations, as renters
took the opportunity to
rent in more central
locations.
Foxtons experienced an
annual increase in new
instructions in every
month since June 2020,
as residents left London
and short-term lets were
switched to longer term
rentals. New instructions
were 1.5% higher in March
2021 compared to a year
ago. This small increase is
the result of high levels
of supply in March 2020
(27%), therefore reducing
the annual growth in
March 2021.
Ratio of new renters registering to new properties instructed
Change in new instructions, year-on-year
-20%
100%
60%
80%
40%
20%
0%
-40%
Jan 2018
Mar 2018
May 2018
Jul 2018
Sep 2018
Nov 2018
Jan 2019
Mar 2019
May 2019
Jul 2019
Sep 2019
Nov 2019
Jan 2020
Mar 2020
May 2020
Jul 2020
Sep 2020
Nov 2020
Jan 2021
Mar 2021
6 London Lettings Report Q1 2021 | Q1 Market trends