Foxtons Lettings Market Index – December 2024
January 15, 2025
Lettings supply strengthened across 2024, Foxtons data shows
- In 2024, new market listings rose by 8%, totalling over 385,000 listings.
- In the first half of 2024, applicant demand was 6% below 2023 but strength returned in the second half of the year as demand was 1% higher.
- Average rent in 2024 closely mirrored 2023, with a marginal 2% decrease.
New data from Foxtons shows that December 2024 ended on a strong note, with 7% more new listings compared to December 2023. For the year overall, new market listings rose by 8%, totalling over 385,000 listings throughout 2024.
Demand increased by 6% in December 2024 compared to the previous year. Overall, 2024 experienced a marginal 3% decline in applicant demand compared to 2023, with the first half of the year 6% behind and the second half recovering to be 1% ahead. Central London exhibited a significant 15% increase in demand comparing last year to 2023, whereas West London recorded a 19% reduction, reflecting shifting preferences across the capital.
Reflecting on 2024, London’s Lettings market saw the return of typical seasonal patterns, with steady growth in supply across all regions. Many regions saw double-digit growth, while East London led the way with the largest supply increase. Interestingly, renter behaviour reflected evolving preferences: demand increased in Central and East London, while West and South London saw more moderate attention. This indicated renters’ decisions are influenced by more than price considerations. Going forward, affordability will likely continue driving the market, with renters’ preferences adapting to availability and competition.
Gareth Atkins, Managing Director of Lettings, said: “Looking at the rental landscape in the year ahead, I expect to see traditional seasonality in the market, similar to 2024. Whilst we’re projecting modest rent growth of 3-5%, the real story will lie in the resilience of supply levels. This will be tested, primarily, by the approaching the Renters’ Rights Bill, which should come into effect by the second half of the year. Encouragingly, last year’s data did not see drops in available rental supply, even as some landlords took advantage of an increase in sales to evaluate lower-performing assets in their portfolios.”
December 2024 saw a 30% month-on-month increase in new renters per new instruction, rising to 15. Additionally, December 2024 was stronger than December 2023, with a 7% uptick. By the end of 2024, South London had recorded the highest average of 19 renters per instruction, followed closely by East London with 18 renters per instruction.
Applicant budgets increased 2% in 2024; South London experiencing the most significant growth, with average budgets increasing from £493 to £507 per week, a 3% rise.
The average rent in 2024 closely mirrored that of 2023, with a marginal 2% decrease to £569.
As renter demand decreased towards the end of the year, December 2024 recorded a 1% drop in renter spend compared to November. Overall, 2024 saw renter spend dip by an average of 1% compared to 2023.
Foxtons year to date key market indicators
|
Supply
New Instructions
(year-on-year)
|
Demand
New Renter Registrations (year-on-year)
|
|
|
All London
|
9%
|
-3%
|
|
Central
|
1%
|
15%
|
|
East
|
18%
|
1%
|
|
North
|
15%
|
3%
|
|
South
|
12%
|
-10%
|
|
West
|
15%
|
-19%
|
You May Also Enjoy
Housing Insight Report October 2025
The latest figures reveal a steadier, more confident property market, with committed buyers driving sales and rental arrears falling to their lowest level since 2022. In spite of slight dips in demand, rising stock levels and stabilising rents signal a sector gradually finding its balance. Residential sales Prospective buyer registrations dropped in October 2025 The…
Read More 
9 luxury property features to impress Christmas guests
9 of the fanciest home features to impress your Christmas guests – And how much they’ll set you back As the festive season approaches and we prepare to welcome guests into our homes, Enness Global has identified nine of the most extravagant and fancy home features that define true luxury at Christmas. But impressing the…
Read More 
No acceleration in rental EPC improvements despite policy push
Rightmove’s 2025 Greener Homes Report reveals: Energy efficiency of homes continues to steadily improve, but slowly: Rental sector stock still more energy efficient than resale stock Both markets have seen a 3% year-on-year jump in proportion of homes with at least an EPC rating of C (58% of homes for rent, 46% of homes for…
Read More
London renters making it onto the ladder without a deposit
Developers helping London renters onto the property ladder without a deposit, when the Government won’t The latest insight from London’s largest lettings and sales estate agent brand, Foxtons, has revealed that despite the Government providing no new support in the recent Budget for first time buyers, a growing collaboration between developers and lenders is helping…
Read More 
Prime London Sees Post-Budget Surge in £2m+ Listings
The latest research from prime London property experts, Jefferies London, reveals that, just two weeks on from the Autumn Budget and its newly announced prime property surcharges, an estimated 444 homes priced at £2m or more have been listed for sale across the capital. These new listings account for around one in 10 (9%) of…
Read More 
2026 Will Test BTR’s Potential and Government’s Resolve
By Justine Edmonds, Head of Build to Rent / Leasing Strategies, LRG Throughout 2025 I have spent hours in meetings with and on discussion panels with institutional investors, developers and local authorities. And everything I’ve picked up on in the last year suggests that 2026 will be a crossroads for Build to Rent (BTR). The…
Read More