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

Foxtons has revealed that average weekly rent prices in May surpassed last year’s peak, increasing 8% from the previous month.

The rent in London climbed above £600, a 13% increase from 2022.

Central London, once again, achieved the highest average weekly rent. However, East London showed the highest year-on-year increase at 18% compared to the same time last year.

Foxtons’ analysis of London data shows that market activity picked up significantly in May as the busy summer lettings period began.

New listings increased 22% from April to May, whilst applicant demand increased 31%.

New renters

Registrations remained broadly flat compared to last year, however Foxtons saw registrations rise 8% in South London and 13% in West London year-to-date compared to last year.

Foxtons data found the ratio of new renters per new instruction increased 8% from April to May, while competition decreased 5% year on year.

West and South London remained the most competitive regions, with 27 renters per each new instruction year-to-date. This was a 9% increase compared to last year in West London.

Even with May’s increase in properties to rent, applicant demand is far exceeding supply.”

Gareth Atkins, MD of Foxtons Lettings, says: “We are seeing trends in demand and supply return to a more traditional cycle, in line with what was commonplace before Covid.

“The one major difference is that even with May’s increase in properties to rent, applicant demand is far exceeding supply,” he says.

“This is partly due to the normal summer influx of incoming university students, corporate relocations and families moving during school holidays combined with the reality that supply has never returned to pre-Covid levels.

In May, 8% more renters registered per each new instruction; an early sign of the competition to come.”