December is always a kind of hold-your-breath month in the property industry. We’re all waiting to see the activity and excitement of the new year market; the new homes to let and new opportunities to explore. Typically, landlords and renters won’t try to get a let agreed around Christmas, as it’s an inconvenient time to move house.
Competition was higher than usual this December. There were 18 renters competing for every new property in December, a 23% increase versus November.
Using industry data, we found that new listings in December dropped below 20,000. Because it is the seasonal trend, it should not have been surprising that this was lowest point for the whole year, except that this was also the lowest point of any month within the last four years.
High demand remained a key factor throughout the 2022 market, and overall, it remained 14% higher than in 2021.
At £551, December’s average weekly rental price remained flat with November. However, hovering just below the record-breaking prices in previous months, this average rent breaks records for end-of-the-year prices.
Foxtons have the largest database of any estate agent in London, which we use to deliver unique and cutting-edge market insight for our customers. Visit the Foxtons Reports page to access more Lettings Market Reports and other reports we’ve built.
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