London’s landlord supply rises as tenant competition falls – Foxtons

London’s landlords saw more properties reach the market in May, while competition between prospective tenants fell compared with both April and last year.

The data from Foxtons reveals a 5.7% monthly rise in new listings across the capital, putting supply 3% above its May 2025 level.

The number of new renters registering increased by 13.7% during the month as activity picked up ahead of the summer lettings period.

However, demand is still 7.1% lower than a year earlier.

London unaffected by RRA

The firm’s managing director of lettings, Gareth Atkins, said: “A month in, the Renters’ Rights Act has left the London market largely unchanged. It is very much business as usual.

“Tenants saw a slight increase in available stock, with some additional movement driven by the initial impact of the new legislation, but within a couple of weeks the market settled back into its normal rhythm.”

He added: “Demand remains steady and pricing stable, with renters focusing on finding the right property rather than chasing discounts.

“For landlords, the key is to focus on the fundamentals: securing the right tenant and a well-maintained property, as these are the factors that will consistently win out in a stable market.”

Fewer tenants competing

The property firm says fewer tenants are competing for each newly listed property in the capital.

The number of new renters per new instruction fell by 5.5% month on month and by 8.6% compared with last year.

Also, May was the first full month after the Renters’ Rights Act came into force and little has changed.

The agency said rents achieved and tenant budgets showed little annual movement during the period.

Average applicant budgets reached £548 a week in the year to date, 0.3% higher than a year ago.

They rose by 2.1% between April and May.

Variations across London

The London-wide figures concealed sharp differences between areas, particularly on the supply side.

West London recorded a 36% annual increase in new instructions and a 17% rise in tenant registrations.

In north London, supply was up 27%, although demand fell by 8%.

New listings rose by 4% in east London, where registrations were 7% lower.

South London recorded a 1% fall in instructions and a 7% decline in demand.

Central London saw new instructions 18% below last year’s level, while tenant registrations fell by 17%.

Across the capital, year-to-date supply was 2% higher than in 2025, while new renter registrations were 7% lower over the same period.