Foxtons Lettings Market Index – September 2024

Foxtons data points towards a resilient Lettings market despite seasonal dip

• New market listings increased 12% from September 2023
• Applicant demand decreased 35% month-on-month from August, aligning with the typical
seasonal dip
• Applicant budgets remained 2% higher year-on-year in September, higher than any other year

September signals the close of a highly active season for the London lettings market. Foxtons’
September data shows applicant demand has slowed, as expected, while year-to-date certain areas
such as Central London continue to show strength, particularly in new renters per instruction. New
listings rose in September, compared to the same month in 2023.

Applicant demand in September reduced in line with expectations as the peak lettings season came
to an end. Demand decreased 35% in September compared to August. Overall, year-on-year applicant
demand was 3% down, however certain regions of London such as Central and North have seen higher
demand year to date in 2024 than in 2023.

As the lettings market cooled, there was a decrease in new renters per new instruction month-on-
month, with an average of 16 new renters per new instruction in September. However, this trend was
not reflected in Central London which saw an increase of 12% year-on-year in applicants per new
instruction, rising from 11 to 13 year to date.

Applicant budgets remained 2% higher year-on-year in September, higher than any other year at an
average of £543. South London had the highest increase in applicant budgets, rising 7% year to date,
to sit at £492. Meanwhile, rent saw a slight increase of 2% month-on-month, reaching £594 in
September. 1 bed flats have showed the highest increase in rent year-to-date at 5% whilst 3 bed flats
have seen a 3% increase.

New instructions were up 8% year on year in August, with a 6% decrease month on month. This
September, new market listings increased 12% from September 2023, signifying good opportunities
for renters.

Gareth Atkins, Managing Director of Lettings, said:
“As the rental market begins to stabilise ahead of the winter months, we’re seeing key regional trends shaping the landscape. While overall demand in London saw a seasonal decline in September, due to longer tenancy timelines, areas like Central London saw a 12% increase in applicants per new instruction.”

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

small house bird box
Breaking News

UK First Time Buyers better off than many other global nations

Is it really that bad being a first-time buyer? UK better off than many other global nations when it comes to affordability The latest market analysis from Yopa, the full-service estate agents, reveals that first-time buyers (FTBs) in the UK may be paying 63% more to get a foot on the property ladder than they…
Read More
new build homes colchester essex
Breaking News

Building Safety Regulator Reform

The Government has announced reforms to the Building Safety Regulator, including leadership, process and investment. The changes are hoped to deliver 1.5 million homes. The reforms pave the way for creation of a single construction safety regulator, as recommended by the Grenfell Tower enquiry. David Smith, property litigation partner at London law firm Spector Constant…
Read More
Breaking News

New anti-money laundering rules now in effect: what landlords need to know

New anti-money laundering (AML) rules came into effect this month, marking a significant change for landlords and the lettings industry as a whole. The new rules mean financial sanctions checks are now required for all lettings, regardless of how much rent is charged. Here, Steve Bond, managing director of residential lettings for Beresfords, explains what…
Read More
Breaking News

What landlords need to know about the upcoming Renters Rights Bill

The government’s long-awaited Renters Rights Bill is one of the most significant overhauls of the private rental sector in decades. While it has not yet received royal assent, the legislation is expected to come into effect late this year, or early in 2026. With the bill moving closer to becoming law, Steven Bond, managing director…
Read More
Breaking News

Mortgage approvals bounce back in May

The latest figures show that: – Mortgage approvals on house purchases for May sat at 63,032 up 3.9% from 60,656 in April. The monthly increase seen in May marks the end of four months of previous decline, with approval levels having fallen each month since January of this year. Approvals are also 2.5% higher than…
Read More
Breaking News

Money and Credit – May 2025

Key points: Net borrowing of mortgage debt by individuals increased by £2.8 billion to £2.1 billion in May, following a large decrease in net borrowing of £13.8 billion to -£0.8 billion in April. Net mortgage approvals for house purchases increased by 2,400 to 63,000 in May. Approvals for remortgaging also increased by 6,200 to 41,500…
Read More