London lettings market gains momentum in June
London lettings market buoyed by surge in supply and growing renter activity, Foxtons data shows
- Heightened rental activity in June, with applicant registrations rising 21% month-on-month
- Supply surged to its strongest level in four years, with almost 45,000 new listings recorded in June, an 18% increase on May
Average weekly rent climbed 1% from May significantly ahead of June 2024. New data from Foxtons, London’s largest lettings agent, reveals renewed renter interest has been met with a significant uptick in new instructions, as Landlords have responded proactively to seasonal trends. This has ensured a robust pipeline of properties, offering tenants greater choice and creating a stable environment that benefits both landlords and tenants.
June saw more rental activity, with applicant registrations rising 21% month-on-month, just 4% below the levels seen in June 2024. Similarly, overall demand in 2025 remains broadly aligned with last year, trailing by only 4% year-to-date. Central London recorded a 4% uplift in registrations versus June 2024, and North London was up 5%. East London dipped by 6%, while South and West London, were down by 15% and 22% respectively year-on-year.
New applicant registrations per instruction, a key gauge of market competitiveness, has become more stable throughout 2025. Notably, the East and South regions have experienced the largest softening in competitiveness year-to-date, as flat demand meets rising supply.
Data shows supply surged to its strongest level in four years with almost 45,000 new listings recorded in June, an 18% increase on May, as properties return to the market and landlords get ready for the seasonal peak. Listings in the first half of 2025 are 13% higher than the same period in 2024, suggesting a return to a more typical market cycle and delivering enhanced choice for renters.
Average weekly rent climbed 1% from May to stand at £593 per week, significantly ahead of June 2024.
Average applicant budgets increased by 1% month-on-month and, at over £550 a week, are 2% ahead year-to-date compared to 2024. While budgets continue to edge higher, the pace remains modest, constrained by elevated rental costs and broader affordability pressures.
Renters utilised 98% of their registered budgets in June and 63% secured tenancies below their stated budget. With increased supply maintaining renter choice, we expect this trend of securing properties at or slightly below budget to continue.
Gareth Atkins, Managing Director of Lettings, said:
“The London lettings market showed strong signs of stability in June, with applicant numbers rising 21% from May and new listings at their strongest level in four years. This increase in supply is helping to ease pressure on renters, as seasonal demand increases, and with more applicants in the market, good Landlords will see strong demand across the capital. As we move into the summer, we expect this healthy balance between supply and demand to continue, offering more choice for renters and a stable and predictable environment for London’s landlords.”
Foxtons year to date key market indicators
| Supply
New Instructions (year-on-year) |
Demand
New Renter Registrations (year-on-year) |
|
| All London | 1% | -4% |
| Central | -2% | 4% |
| East | 12% | -6% |
| North | -6% | 5% |
| South | -4% | -15% |
| West | -8% | -22% |
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