New data from Foxtons shows rental supply in London remained resilient in October, continuing the strong trend seen throughout 2025.
Despite a 7% month-on-month fall from September, listing volumes were still higher than in October 2024.
Year-to-date figures show new listings up 10% compared with last year, indicating a sustained improvement in supply across the market.
Rental demand eased by 33% compared with September, in line with the expected seasonal slowdown in the run-up to Christmas.
Demand is tracking 7% lower year-to-date than in 2024, with the most notable reductions in renter registrations seen in South and West London.
Foxtons said underlying demand remains steady, reflecting the continued need for rental accommodation across the capital.
Average rents fell by 3% in October compared with September, settling at £575 per week. The decline is consistent with seasonal patterns observed in each of the last two years.
Year-to-date, average rents remain 2% higher than in 2024, with increases recorded across all London regions except North London.
Foxtons said the steady upward trend highlights the resilience of rental values, supported by sustained tenant demand and improved availability.
Market competitiveness cooled sharply in October, with the number of new renters per instruction falling by 28.9% month-on-month.
The market has shifted from around 20 renters competing for each property in August to nine in October, giving prospective tenants a greater chance of securing a home.
Renter spending patterns were broadly unchanged from September, with tenants spending an average of 99% of their registered budgets.
Some 63% of renters secured properties below budget, while 30% needed to stretch above it, reflecting a market that remains competitive but more balanced than earlier in the year.
Gareth Atkins, managing director of lettings, said: “October saw a seasonal slowdown in demand, but the London lettings market remains resilient.
“The recent Royal Assent of the Renters’ Rights Act is a significant milestone, and with Phase 1 implementation confirmed for 1 May 2025, landlords should prepare for upcoming changes by working with a London lettings expert to get the right price for their rental property.
“Despite easing competition, rental values have held firm, supported by strong applicant budgets and improved supply.
“These trends underline the continued strength of London’s rental sector and its ability to deliver returns for landlords, even in a shifting regulatory landscape.”
