Foxtons Lettings Market Index – December 2024

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%
 

EAN Breaking News

Breaking News from the team at Estate Agent Networking. Have a new story to share with us? Then please get in contact today! When and where we can we will refer to third party websites with a 'live link back' where news was released first.

You May Also Enjoy

Breaking News

Rise in no fault evictions

No fault evictions have risen according to the latest data published by the Ministry of Justice. Property disputes lawyer says “some landlords are unwilling to wait for the new Renters’ Rights legislation and are choosing to leave the market” Landlords can apply for an accelerated possession order if the tenants have not left by the…
Read More
Love or Hate Rightmove
Breaking News

Rightmove Weekly Mortgage Rates – 14/02/25

Rightmove’s mortgage expert Matt Smith says: “It’s another week of average rate drops, and the response from the market since the Bank Rate cut has been positive. We hope to now see a sustained period of mortgage rates trickling downwards to lead us through the Spring selling season.” On the first sub-4% mortgage rate Matt says: “The…
Read More
Adding second coat of varnish floor boards
Home and Living

The Benefits of Wooden Flooring: Why It’s a Classic Choice for Any Home

Wooden flooring is often regarded as a timeless and classic choice for homeowners looking to add elegance, warmth, and durability to their living spaces. Whether you’re renovating your home or building from scratch, the decision to install wooden floors is an investment that enhances both the beauty and functionality of your space. In this article,…
Read More
Rightmove logo
Breaking News

Could you fall in love with a home without seeing it? 1 in 5 Brits think they could

As the new season of Love Is Blind hits Netflix this Valentine’s Day, it seems that some Brits are taking the concept of love, (sight unseen) to a whole new level, when it comes to finding their dream home. New research from Rightmove, the UK’s largest property website, reveals that one in five Brits admit…
Read More
Home and Living

Securing Solar Investments: How to Protect Your Solar Panels and Ensure ROI

Investing in solar energy is a smart move for both your wallet and the planet, but protecting that investment is just as important as making it. Solar panels face risks from theft, vandalism, weather damage, and neglect, all of which can chip away at your returns. To ensure your system operates efficiently and generates the…
Read More
Breaking News

Almost one in five property sales now experience ‘gazundering’

Almost a fifth of property sales now experience gazundering, according to figures from property firm Quick Move Now. Gazundering, which is the attempted renegotiating of a lower property purchase price after a sale has been agreed, has become more common in recent years as the market contends with cautious buyers and difficult economic conditions. According…
Read More