"July and August were the busiest months this year, as you’d expect, with August seeing a remarkable 23% month-on-month increase in renters per new instruction"
- Gareth Atkins - Foxtons
New data from Foxtons shows that applicant demand in August continued to reach record highs for 2024, maintaining a strong level of around 40,000, consistent with July's surge.
Additionally, the number of new properties entering the market in 2024 is outpacing the same period in 2023, indicating positive trends for both supply and demand. On average, renters are spending nearly 100% of their budgets to secure their tenancies, highlighting the competition in the summer lettings market.
Applicant demand in August is identical to the peak seen in July, with Central London strongly outperforming last year's registrations by 15%. Demand is slightly lower than in 2023 with a 4% decrease year-on-year year to date however Central, East and North London all show higher demand in 2024.
A 23% increase month-on-month was observed in August with there now being on average 23 new renters per new instruction with the highest demand seen in Bromley. Central London is the only area of London to see an increase year-on-year to date with an 11% increase.
Applicant budgets remain 2% higher year-on-year, with the highest budgets seen of any year. One-bed Flats have seen the highest increase year to date with a 5% increase, now sitting at an average of £472 per month.
New Instructions were up 7% year on year in August, with a 13% decrease month-on-month. Westminster and Tower Hamlets continued to deliver the largest number of new instructions year to date, with over 20% of all instructions in London within these two boroughs.
The number of new listings coming to the market is up 7% year on year, with a 13% decrease month-on-month. Westminster and Tower Hamlets continue to deliver the largest number of new market instructions year to date, with over 20% of all instructions in London within one of these two boroughs.
Rent prices remain stable in 2024 with no change in August compared to July, and little change in the average since April 2024. Year to date, rent prices remain 2% lower than in the same period in 2023. South London rent has remained static year-on-year, whilst other regions in London have seen a slight decrease.
Gareth Atkins, Managing Director of Lettings, said: “July and August were the busiest months this year, as you’d expect, with August seeing a remarkable 23% month-on-month increase in renters per new instruction.
"As we approach the fourth quarter, which is usually a quieter period, landlords should make the most of this month's market activity to secure quality tenants. This month goes remarkably fast, and strategic marketing now could make a significant difference over the next year.”
