The Foxtons Lettings Market Report reveals that demand in the London market was up 20% month-on-month in May. There were also 36% more listings than in April and a 10% annual increase. The average rent achieved was £577 per week in May 2024, down last year’s average of £606 (-2% in percentage terms).
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.”
Further Reading: Learn more about long-term property investments and how to make money from real estate with our latest buy-to-let guides.
