Competition for each rental in London continues to rage with 15 tenants fighting for each property.

There was a slight reduction in the number of renters battling for each tenancy in November, but still much higher than last year.

New figures from Foxtons also show average rental prices decreased 3% last month, but for the third month straight, reached £550 or more.

There were 24,132 new listings, up from 7% compared to October.

Research from Hamptons released at the same time, has shown that nearly two-thirds (62%) of London-based investors are choosing the regions over the capital for their buy-to-let purchase.

Only last month, statistics from Propertymark showed how the renters crisis in the capital had deepened. There were 147 new registrations per agency branch as the supply of rentals stayed critically low.

There were 13 prospective tenants per property, with only 11 available per agency office, Propertymark said.

Imbalance still there

Sarah Tonkinson, managing director of institutional PRS and build to rent at Foxtons, says: “In a usual year, landlords typically avoid putting property on the market around November, as renters are less active right before the holidays.

A year that’s broken all the rules”

“But in a year that’s broken all the rules, we’re happy to see a 7% uplift in new listings this November.

“Along with a 26% reduction in renter applications, this may start to relieve some of the pressure in the market, although demand is still 15% higher year to date compared to 2021 and supply is 3% lower than November 2021, so the imbalance is still there.”