July’s data proves pivotal in understanding what's coming in the late summer market. Our Lettings Market Report dives into the numbers, showcasing a surge in both supply and demand that sets the stage for the August and September we expected.
"The London lettings market is experiencing robust activity, with new listings up by 8% year-on-year and a remarkable 22% month-on-month surge, as we enter the peak season.”
~ Sarah Tonkinson, Managing Director of Institutional PRS and Build to Rent
Read Sarah's full quote in the Lettings Market Report - July 2024
▶ Watch: What's causing the busy summer market?
Gareth Atkins, Managing Director - Lettings at Foxtons, shares some expert insight on the summer lettings market and where this uplift in supply and demand comes from:
Key insights
• There has been a 22% month-on-month increase in new listings, marking the commencement of the peak lettings season and contributing to an 8% increase year-to-date.
• Applicant demand in July has risen by 24% month-on-month, and there is a 6% increase when comparing July 2024 to July 2023.
• Rent levels have remained stable in 2024, with no change observed in July compared to June, and minimal fluctuation in the average rent since April 2024.
More insight on the lettings market:
• Changes during an HMO tenancy: don’t get caught out
• Is Wembley a buy-to-let investment hot spot?
• Storm watch: how to prepare for summer flash floods
• Clarity is key, so we chose Kamma
I’m sure you don’t need to be told that the summer lettings market is now in full flow, and we’ve seen a 24% increase in applicant demand. As that has been matched by the month on month increase in available property, it’s not a surprise that rental prices remain flat and in line with our expectations.
We are still seeing, on average, 19 renters per new instruction, as a combination of families moving during school holidays – which often drives an uplift in corporate relocations – and students preparing for a new academic year inflate an already buoyant summer lettings cycle.
Please click on the link to enjoy our latest London lettings market insight.
