New data from Foxtons shows that applicant demand in the lettings market in August continued to reach record highs for 2024, maintaining a strong level of around 40,000, consistent with July’s surge.
The number of new properties entering the market in 2024 outpaced the same period in 2023, indicating positive trends for both supply and demand.
On average, renters spent nearly 100% of their budgets to secure their tenancies.
Applicant demand in August was identical to the peak seen in July, with Central London strongly outperforming last year’s registrations by 15%.
Demand was slightly lower than 2023, with a 4% decrease year-on-year to date; however Central, East and North London all showed higher demand in 2024.
A 23% increase month-on-month was observed in August with there now being on average 23 new renters per new instruction with the highest demand seen in Bromley.
Central London was the only area of London to see an increase year-on-year to date with an 11% increase.
Applicant budgets were 2% higher year-on-year, with the highest budgets seen of any year.
One-bed flats saw the highest increase year to date, with a 5% increase, now sitting at an average of £472 per month.
New instructions were up 7% year on year in August, with a 13% decrease month-on-month.
The number of new listings coming to the market are up 7% year on year, with a 13% decrease month-on-month.
Westminster and Tower Hamlets continue to deliver the largest number of new market instructions year to date, with more than 20% of all instructions in London within one of these two boroughs.
Rent prices remained stable, with no change in August compared to July, and little change in the average since April 2024.
Year to date, rent prices were 2% lower than in the same period in 2023.
South London rent remained static year-on-year, while other regions in London have seen a slight decrease.
Gareth Atkins, managing director of lettings at Foxtons, said: “July and August were the busiest months this year, as you’d expect, with August seeing a remarkable 23% month-on-month increase in renters per new instruction.
“As we approach the fourth quarter, which is usually a quieter period, landlords should make the most of this month’s market activity to secure quality tenants.
“This month goes remarkably fast, and strategic marketing now could make a significant difference over the next year.”
