Foxtons Lettings Market Index – November 2024

Steady demand and rising supply shape London rental market in 2024, Foxtons data shows

  • In November, applicant demand remained strong, with applicant demand 1% higher in November 2024 compared to November 2023.
  • There were over 30,000 new listings coming to the London market, according to Foxtons’ analysis of Zoopla’s data. This is the same amount as last November
  • Average rent in November 2024 was £541 per week, a 5% decrease month on month compared to October, in line with seasonal trends

 

New data from Foxtons shows applicant demand remained strong in November, rising 1% higher compared to November 2023. Year to date, 2024 has seen very similar demand to 2023, staying within 3% of the previous year. There was significant variation in demand across London; Central London saw a 15% increase in applicant demand year to date in 2024, whereas West London saw a 20% reduction.

Budgets have increased slowly throughout the year, as the expectation of increased competition and a scarcity of lettings stock has failed to materialise or have any significant impact on the market – yet. Whilst some landlords are leaving the market, there is an increased number of listings providing renters with more choice than previous years. Average rental prices have remained stable and even started to cool in recent months, likely to remain stable through Q1 2025.

New renters per new instruction in 2024 have been 12% lower than in 2023 year to date, averaging 15 applicants per instruction by the end of November. This month showed similar figures to October, as the average declined just 2%. Central London saw a 13% increase year to date driven by the increase in demand, whereas all other regions in London saw a significant decrease.

2024 has had higher applicant budgets than any other year on record, and they remained high throughout November, 2% higher than in November 2023. Across 2024 there was a 2% increase in applicant budgets compared to 2023 year to date, with the average budget reaching £525 by the end of November.

Average rent in November 2024 was £541 per week, a 5% decrease month on month compared to October. Average rental prices were lower in November 2024 than in 2022 and 2023. Compared year to date to 2023, there has been a 2% decline in rent in 2024. Rent on houses has seen the largest decline in 2024 with a 5% decrease, whereas 1 bed flats have seen a 1% increase.

Renter spend in November fell 1% month on month as the lettings market cooled down for the year end. Overall in 2024, there was a small 1% decrease in renter spend compared to 2023 year to date. North London saw a small 1% increase month on month in renter spend.

Foxtons year to date key market indicators

  Supply

New Instructions

(year-on-year)

Demand

New Renter Registrations (year-on-year)

All London 10% -3%
Central 2% 15%
East 17% 2%
North 15% 3%
South 13% -11%
West 16% -20%

 

Gareth Atkins, Managing Director of Lettings, said: “Rental demand was steady and persistent in 2024, even as the number of listings increased – reaching 7% higher than 2023 (year to date) by the end of November. So, although this market had more of the traditional seasonality than we’ve seen in recent years, it was still highly competitive throughout, with an average of 15 renters per each new listing year to date. As we step into 2025, the lessons of 2024 are clear: success requires not just property, but proactive, intelligent market engagement for buyers, sellers and landlords alike.”

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

Home and Living

High Quality Modular Homes for the UK

Are you looking for added accommodation space in your garden / on your land? Modular Living Homes by tutumHOUSE offer a new way to live – minimalist in form, rich in experience. “There are approximately 9.6 million homes in the UK with a garden shed, and around 52% of the population owns one.” asgardsss There…
Read More
Estate Agent Talk

The most stressful places to move to in the UK

With more people in the UK moving homes during summer than any other season and the average cost of moving in the UK rising to over £14,000, picking the right place to move to has become more crucial than ever. Luckily, new research from Pay Less for Storage reveals the UK cities that make life easiest…
Read More
Estate Agent Talk

Time-Traveling Estate Agent Sequel Climbs Amazon Charts

A UK Estate Agent Currently Bringing Joy to People’s Lives – Shame He’s Fictional…   Eric Meek, the fictional estate agent created by author Dale Bradford, is back for a second outing in The Time‑Travelling Estate Agent 2, a sequel that is already climbing Amazon’s bestselling time‑travel rankings. Estate agents were recently highlighted as the third…
Read More
Estate Agent Talk

Is it finally time for lenders to back green homes?

Andrew Smith weighs the risks and rewards Property developers are increasingly pitching green homes to lenders; however, with sales cycles slowing down and repair costs rising, is now the right time to back sustainable builds and at what price point is there market demand? Sustainability is continuing to shape our future of construction with the…
Read More
Breaking News

Breaking Property News 24/07/25

Daily bite-sized proptech and property news in partnership with Proptech-X.   OpticWise – digital infrastructure in commercial real estate If your building were a product, how would it perform on the user experience scale?  Week 9: Experience as Infrastructure – Designing for Human-Centric Buildings Welcome to Week 9 of our 52-week journey into the future…
Read More
new build homes colchester essex
Breaking News

UK Housebuilding Falters as Construction Hiring Flatlines

New research from Inventory Base reveals that UK construction industry employment has increased by almost 11% in the past five years, but there has been less than 1% growth in the past 12 months. Inventory Base’s analysis of the UK construction industry shows that in 2024 (latest data available) it employed an estimated total of…
Read More