Activity is ramping up in the London lettings market as renters and landlords begin their searches. At the same time, with Labour and Conservative manifestos out this week, all eyes (in London lettings) are on the future of Renters Reform. Get the data and insight you need below.
“Foxtons sees a 30% increase in move ins and move outs over the busy summer months…”
~ Managing Director – Property Management & Customer Experience, Fran Giltinan
Read Fran’s recommendation for managing seamless move-ins in the busy season:
Key insights
• In May, there was an increase month-on-month demand, up 20% compared to April.
• The London market saw 36% more listings compared to April. In 2024 year to date, there was a 10% increase compared to 2023.
• Average rent achieved was £577 in May 2024, slightly behind the £606 average in May 2023.
Video - Renters Reform and lettings market update
See what Gareth Atkins, Managing Director of Lettings, has to say on the lettings market coming into summer, as well as Renters Reform amid a week of party manifestos:
More insight for landlords:
• 'Wash up' round up: leasehold reform and renters reform
• 'I'm about to become a first-time landlord, what do I need to know?'
• Setting up an HMO: the pros, the cons and the HMO licence
• Video: the complete end-to-end service for investing landlords
Gareth Atkins: With the announcement of the general election, the renter's reform bill has been shelved. This means there will be no immediate changes to fixed term tendencies, section 21s, or any of the other provisions within the bill. So for now, it's very much business as usual.
With party manifestos published this week, there is a consensus between the leading parties that renters reforms must come back into the conversation under a new government. So we will ensure that all of our landlords are informed of any changes to come.
In the meantime, find data and insight on the London lettings market in our report. As we move into peak summer letting season, supply is growing. Renter demand is also growing, mirroring last year's Q2 trends with a 20% month on month increase, and if demand follows suit through the summer, we will expect to see a very busy market.
