New listings jump as London rental market proves resilient

Foxtons says rental property listings are up 6% with rents already rocketing some 12% higher than last year.

Rents in London are showing no signs of easing off coupled with another jump in listings last month, Foxtons says.

New figures from Foxtons show that average weekly rent in July was 12% higher than July last year. There was also a 6% increase in new listings compared to 2022.

Weekly rent

Average weekly rent remained stable in July at £597 per week, which was only slightly lower than the £599 per week recorded in June, but still 12% higher than last year.

Central London continued to command the highest average weekly rent, at almost £680. The average weekly rent across London increased 12%, with East London rising Weekly rent15%.

In July, there were 7% more instructions than in June, which translates into roughly 2,500 more instructions in total.

Applicant demand

Foxtons’ data found that that applicant demand increased 13% from June, as July brought London into peak lettings season.

In July, Foxtons saw an average of 21 rental applicants per new instruction, an 18% increase month-on-month, however a 12% decrease when compared to 2022.

Rental applicant budgets have held a 2% increase month-on-month since April, and this trend was consistent through July.

Competition is still fierce for quality properties.”

sarah tonkinson foxtons
Sarah Tonkinson, MD Institutional PRS, Foxtons

Sarah Tonkinson, MD of institutional PRS and build to rent at Foxtons, says: “The good news for renters is that there is 6% more stock available compared to this time last year, but competition is still fierce for quality properties and allowing enough time for your search is still key!”

Gareth Atkins, Foxtons
Gareth Atkins, MD Lettings, Foxtons

Gareth Atkins, MD of Foxtons lettings, says: “As our market research predicted at the start of 2023, price increases in the lettings market are less extreme than we saw last year.

“We’ve seen expected growth and are now into a more consistent busy market we normally see at this time of year.”

Weekly rent in London soars to an astonishing £600, reveals leading agency

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