London’s PRS shows strength despite seasonal slowdown

London’s PRS shows strength despite seasonal slowdown

0:02 AM, 18th October 2024, About 2 months ago

Text Size

London’s lettings market has shown remarkable resilience in September, despite a seasonal decline in applicant demand, one market index reveals.

The latest Foxtons data shows that key areas like central London have continued to experience robust activity.

It says that tenant demand in September fell by 35% compared to August, which is the usual seasonal pattern.

However, year-on-year demand was only 3% lower, and some areas, including central and north London, have seen higher demand in 2024 than in 2023.

‘Regional trends shaping the landscape’

The firm’s managing director of lettings, Gareth Atkins, said: “As the rental market begins to stabilise ahead of the winter months, we’re seeing key regional trends shaping the landscape.

“While overall demand in London saw a seasonal decline in September, due to longer tenancy timelines, areas like central London saw a 12% increase in applicants per new instruction.”

Foxtons warns that the cooling market has led to a drop in new renters per new instruction – but central London bucks this trend.

There has been a 12% year-on-year increase in applicants per new instruction.

Also, tenant budgets are 2% higher year-on-year in September, surpassing previous records.

South London saw the biggest increase, with budgets rising 7% to £492, and rents rose slightly, reaching £594 per week in September.


Share This Article


Leave Comments

In order to post comments you will need to Sign In or Sign Up for a FREE Membership

or

Don't have an account? Sign Up

Landlord Automated Assistant Read More