Foxtons reveals mixed-bag lettings market in London

Foxtons says London’s lettings market is now at its summer peak.

New internal data from the company claims demand rose by 15% month on month, although annual demand is now 7% below the figure this time last year. 

Applicant budgets continued to rise, some 2% higher year on year. Notably, budgets for one-bedroom flats increased by 5% year on year. 

The average number of applicants per instruction increased from 15 in May to 16 in June. Central London saw a significant month-on-month increase from 11 to 14 applicants per instruction. 

There was a slight 4% reduction in listings from May to June, although the number of new instructions to the market was still over 30,000 in June. Year to date, new market listings in 2024 have increased by 8% year on year.

Year on year, rent decreased by 2%, but has remained stable on a month-on-month basis with no significant changes from May 2024.

Central London is experiencing a more balanced market, while other regions exhibit larger variations in key metrics. West London for instance has seen a substantial increase in supply alongside a decline in rental registrations. 

A spokesperson for Foxtons says: “The market will be fast-paced, so renters will need to be prepared and agile to achieve the best results. Partnering with an experienced lettings team can help you to reach high-quality tenants efficiently.”