Rental stock levels in London are increasing, surprise new data from Foxtons has revealed.

Only this week Savills released research predicting rents were set to spike by nearly 18% over the next five years, and that lack of supply was ‘one of the main reasons’. The number of available rental listings per letting branch in September was 16% below the 2018-19 level, Savills added.

Highest in four years

But Foxtons says the highest amount of new stock is now coming to market in London out of any of the last four years, and is 8% higher than last year.

Applicant demand was marginally lower than this time last year, just 3% lower than in October 2023, according to Foxtons. It reduced 32% from September, as expected at this time of year.

The number of applicants per new instruction has decreased 12% this year to date.

Strong demand

Demand in Central London has been particularly strong over the course of the year, with a good summer period resulting in a 15% rise from 2023, year to date.

Applicant budgets remained higher than any other year recorded. They have stayed consistently high throughout the entirety of 2024 so far. The average weekly budget now sits at £558.

Following a yearly high of £593 per week in September 2024, there has been a slight cooling in October 2024 as rents have reduced by 4%.

All regions of London have seen rents largely in line with the same prices last year, Foxtons says.

This is positive news for both renters … and landlords, who may find it easier to attract tenants.”

Gareth Atkins, Managing Director of Lettings at Foxtons, said: “Rental listings in London reached their highest October levels since 2019, signalling a notable increase in stock.

“This is positive news for both renters, who benefit from a greater choice of properties, and landlords, who may find it easier to attract tenants.”