Foxtons has reported a resilient lettings market in London, with some areas showing strength despite a seasonal decline in September.
Demand decreased by 35% compared to August, typical for this time of year, but year-on-year demand was only down 3%, with Central London and North London seeing increased interest among renters.
New listings in September increased by 12% compared to the same month in 2023.
The average applicant budget also saw a rise, reaching £543, up 2% year-on-year.
South London had the most significant budget increase at 7%, averaging £492.
Meanwhile, average rents rose by 2% month-on-month to £594 in September.
One-bedroom flats saw the highest rental increase at 5%, while three-bedroom flats rose by 3%.
New renter registrations for the year were down 3% overall, but the data reflected varied trends across key areas of London.
Year-to-date key market indicators show an 11% increase in new instructions across all of London, and regional data highlights a mix of supply and demand shifts among the city’s distinct areas.
Gareth Atkins, managing director of lettings at Foxtons, said: “As the rental market begins to stabilise ahead of the winter months, we’re seeing key regional trends shaping the landscape.
“While overall demand in London saw a seasonal decline in September, due to longer tenancy timelines, areas like Central London saw a 12% increase in applicants per new instruction.”
