London’s lettings market saw a rise in supply and increased renter activity, according to data from Foxtons.
Average weekly rent was up 1% from May to £593, higher than in June 2024.
Applicant registrations went up by 21% month-on-month, and were just 4% below last year’s level.
Central London saw registrations rise by 4% compared to June 2024, and the North was up 5%.
The East dropped 6%, while the South and West were down 15% and 22% year-on-year.
The number of new property listings reached almost 45,000 in June, marking an 18% rise from May and the strongest supply in four years.
For the first half of 2025, listings were 13% higher than the same period last year.
This meant more choice for renters and a more stable market.
Average applicant budgets went up by 1% month-on-month to over £550 a week, 2% higher than at this point last year.
Despite this, budgets increased only modestly due to higher rents and wider affordability issues.
In June, renters used 98% of their registered budgets and 63% secured tenancies below their stated budget.
The East and South saw the largest softening in competitiveness this year as demand stayed flat while supply rose.
Gareth Atkins, managing director of lettings at Foxtons, said: “The London lettings market showed strong signs of stability in June, with applicant numbers rising 21% from May and new listings at their strongest level in four years.
“This increase in supply is helping to ease pressure on renters, as seasonal demand increases, and with more applicants in the market, good Landlords will see strong demand across the capital.
“As we move into the summer, we expect this healthy balance between supply and demand to continue, offering more choice for renters and a stable and predictable environment for London’s landlords.”
