An increase in property listings is helping to create a more balanced market in May, bringing relief to renters, landlords, and agents, according to new data from Foxtons.
The London market saw 36% more listings in May compared to April. Year-to-date figures show a 10% increase in listings in 2024 compared to 2023.
Applicant demand also rose month-on-month, with a 20% increase from April. The increase in listings has led to reduced competition, giving renters more options and reducing the need to register with multiple agents. Consequently, May’s average rent was £577 per week, slightly behind the £606 average in May 2023.
The report highlights that over 20% of new instructions year-to-date were within Westminster and Tower Hamlets, with Westminster alone accounting for 11% of new instructions.
Despite the increase in demand, there was a 21% reduction in new renters per instruction due to the higher number of new instructions entering the market in 2024.
Gareth Atkins, managing director of lettings at Foxtons, said: “As we move into peak summer lettings season, supply is growing.
“Renter demand is also growing, mirroring 2023’s Q2 trends with a 20% month-on-month increase. If demand follows last year’s trends through summer, Q3 will be a very busy market.
“The announcement of the general election at the same time has resulted in the shelving of the Renters Reform Bill.
“This means there will be no immediate changes to fixed term tenancies or any of the other provisions within the bill. Renters Reform is likely to be reintroduced under a new government but for now, it’s business as usual.”
