We are still in peak season, but the slower winter market is approaching. How do you make the most of this crucial period? Read on for tips from Foxtons leading experts, backed by the latest data in our report.
▶ Watch: Key actions for a successful tenancy
In the busiest season for check-ins and check-outs, Foxtons Managing Director of Property Management & Customer Experience, Fran Giltinan shares what you need to do now for a smooth transition to a new tenancy:
If you want the peace of mind that your tenant check-in is done correctly every time, talk to our https://www.foxtons.co.uk/landlord/property-management team.
Key numbers from the report
• The 23% month-on-month increase in renters per new instruction demonstrated a high level of competition in the market.
• New listings increased 7% year-to-date compared to 2023.
• Rent achieved remained stable, with no change between August and July.
Market summary
August's data on the lettings market proves a competitive peak season this year. In Central London, applicant demand outstripped last August's demand by 15%. There is huge potential in this market to get the right tenancy in place, but you have to be fast:
“...September is the critical window of opportunity. I strongly advise making the most of this month's market activity to secure quality tenants and maximise your rental income. This month goes remarkably fast, and strategic pricing and marketing now could make a significant difference to your returns over the next year."
Gareth Atkins, Managing Director - Lettings
Read the full quote in our Lettings Market Report
Foxtons have over 50,000 rental applicants per month on average. Our talented teams use Foxtons exceptional reach to get it done for our landlords. We can help you make the most of the early autumn market. Book a Foxtons rental valuation to get started.
More news in the lettings market:
• The Renters Rights Bill: timelines and what's changed
• The race to rent: expert tips for success in 2024's rental market
• Property maintenance: it's that time of year for London landlords
• Letting in London: a guide for remote property owners
• Futureproofing your property: navigating future statutory framework for long-term success
“So we're still in peak season, where we see triple the move-ins and move-outs, which tests support services from inventory clerks to tradespeople who provide really important certificates like the EICR. It is imperative that landlords secure these services right when a property goes under offer to prevent delays to the move-in.
“You should also prioritise a check-in, which ensures you’ve completed all mandatory safety checks. Importantly, it sets a clear baseline for you and your tenant, aligning your expectations for the property's condition at the tenancy’s end. With autumn approaching, your new tenant will turn on the heat right when our contractors are busiest. So, a thorough pre-move-in check of the boiler by a certified professional will start the tenancy on a really solid footing.
Source:
• Market Data: Foxtons Business Analytics produces our monthly Lettings Market Report, leveraging cutting-edge technology and our exclusive database, one of the largest for London's property market, to provide unparalleled insights for our landlords each month.
• Expert insight: To provide you with the most value, this article features our leading lettings experts. Our team's hands-on experience comes from many years in the industry with London's leading lettings agency, so you can rely on our practical, market-tested insight.
This blend of data-driven analysis and expert commentary offers a comprehensive view of the market, helping landlords navigate any market conditions with confidence. For any questions on the report or insight, ask a Foxtons expert.
