Rise in lettings listings has helped ‘normalise’ market says Foxtons
Listings in 2024 are 10% higher than 2023 and despite the increase in applicant demand there was a 21% reduction in new renters per instruction.
An increase in property listings in the Capital is helping to create a more normalised market with 36% more listings last month compared to April, the latest Foxtons Lettings Index reveals.
The increase in available property to rent will be a boon for renters, landlords and agents alike who all came under pressure as supply levels plummeted at the beginning of the year.
APPLICANT DEMAND
Data shows there was also an increase in applicant demand, in line with seasonal norms. However, it is slightly lower than in previous years because renters have more choice and less competition for properties, meaning there is less need to register with multiple agents.
Listings in 2024 are 10% higher than 2023 and despite the increase in applicant demand there was a 21% reduction in new renters per instruction.
As a result of less competition per properties, average rent was slightly behind May 2023. Average Rent was £577 per week in May 2024, slightly behind the £606 average in May 2023. There was a marginal 2% decrease in rent year to date compared to 2023.
PEAK SUMMER
Gareth Atkins, Managing Director of Lettings at Foxtons, says: “As we move in to peak summer lettings season, supply is growing.
“Renter demand is also growing, mirroring 2023’s Q2 trends with a 20% month-on-month increase.”
He adds: “If demand follows last year’s trends through summer, Q3 will be a very busy market. The announcement of the general election at the same time has resulted in the shelving of the Renters (Reform) Bill.
“This means there will be no immediate changes to fixed term tenancies or any of the other provisions within the bill. Renters Reform is likely to be reintroduced under a new government but for now, it’s business as usual.”
