Applicant budgets remain stable and rental prices in line with historic norms
- Ratio of new renters per instruction rose by 5.1% from 8.9 to 9.4 applications per instruction.
- Average rental prices declined by 4% in November 2025, remaining closely aligned with November levels observed over the past four years.
- Year-to-date, average rental prices are 2% higher in 2025 compared to 2024.
New data from Foxtons, London’s largest lettings agent, shows market competitiveness in November, measured by new renters per new instruction, saw an improvement, with the ratio of new renters per new instruction rising by 5.1%, from 8.9 to 9.4 applicants per instruction.
Average rental prices declined by 4% in November, settling at £551 per week. These figures remain closely aligned with November levels observed over the past four years and, year-to-date, average rental prices are 2% higher in 2025 compared to 2024.
Applicant budgets remained stable in November, holding at £535 per week—the same level observed in October. Year-to-date figures show a 2% increase compared to 2024 in all regions except North London. Notably, budgets for studio flats have declined by 17% year-on-year, while slight increases have been recorded for one-, two-, and three-bedroom properties. This demonstrates that demand for rental properties continues to prop up values.
Renter spend in November remained broadly consistent with October, with tenants allocating an average of 99% of their registered budgets to secure accommodation. Approximately 63% of renters achieved deals below their stated budgets, while 30% exceeded them. These dynamics underscore a market that, while competitive, continues to offer opportunities for budget-conscious renters, alongside a notable segment willing to pay a premium for their preferred property.
Rental demand continued to decline in line with seasonal expectations in November, registering a 22% decrease compared to October. Market new instructions experienced a decline in November 2025, falling by 33% compared to October 2025. The number of listings dropped from over 34,000 in October to approximately 23,000 in November.
Gareth Atkins, Managing Director of Lettings, said: “November saw continued adjustment in the lettings market, with seasonal trends contributing to softer demand and fewer new instructions. Applicant budgets have remained steady, and the ratio of renters per instruction improved. Year-to-date listings remain ahead of 2024 levels, and rental prices continue to track close to historic norms, pointing to healthy competition across the market.”
You May Also Enjoy
Building Site Accidents and Compensation: A Guide for Injured Workers
First-Time Buyers: Why 4–5 Houses is the Sweet Spot
Two in five mortgage holders switched banks for a better mortgage deal
Housing market trends highlight a changing landscape
Breaking Property News 7/9/26