London sees more record breaking rent rises

Average weekly rent in London rises again, according to new figures.

The latest figures from Foxtons lettings index reveal average weekly rent in July was £597 per week, slightly lower than the £599 recorded in June, but up 12% compared to July 2022.

The letting agents say competition is still fierce when looking for a rented property.

A rise in activity

Central London continued to command the highest average weekly rent, at a whopping £680.

Foxtons’ data found that applicant demand increased by 13% from June, as July brought London into peak lettings season.

Sarah Tonkinson, Managing Director of Institutional PRS and Build to Rent, said: “July’s market experienced a rise in activity that always comes with peak lettings season; demand increased 13%.

“This period always sees a flurry of activity as families move to London, new graduates head for London workplaces and the student population make plans for the coming academic year.”

She added: “The good news for renters is that there is 6% more stock available compared to this time last year, but competition is still fierce for quality properties and allowing enough time for your search is still key!”

New listings were up by 6%

According to Foxtons lettings market index, in July, London saw 7% more instructions than in June, and new listings were up 6% when compared to July 2022.

In July, Foxtons saw an average of 21 rental applicants per new instruction, an 18% increase month-on-month, however a 12% decrease when compared to 2022.

East London saw a 63% increase rising to 26 applicants per instruction, becoming the second highest after South London which has an average of 30 applicants per instruction in July.

Central London was the only region where renters were, on average, spending higher than their budgets, with the average sitting at 102%.