March saw an increase of 14% in new rental lists throughout London compared to February, according to the latest data from real estate agent Foxtons.
Year after year, the new range remained a decent level – an increase of only 1% – which indicates a stable market after the increased list levels that were observed at the beginning of 2024.
While the regional variation continued, the general trend pointed to a steady stream of new instructions.
The average rent in March was £ 565 per week, with an increase of 2% on an annual basis. The rental prices remained stable month after month, with prices supported by a consistent demand and a steady stream of new entries.
South Londs and Surrey registered the highest annual growth, each with 6%, driven by continuous competition for family homes and larger property.
March saw an increase in the registrations of the applicant of 11% in the month, in line with seasonal trends. Year after year the question was stable and he only followed 2% on March 2024 levels.
Central London registered the strongest growth, with a remarkable increase in applicants compared to last year, to strengthen the sustainable interest in core areas.
Competition fell marginal in March, with an average of 12.6 applicants per new rental instruction – a decrease of 4% from February. Year-to-date figures remained broadly in line with 2024, which indicates a more balanced market compared to last year’s peak activity.
Regional shifts were clear: Oost -London saw an increased competition, while West -Londs and Surrey experienced sharper falls and contribute to the general moderation of the applicant’s pressure.
Responding to the latest Data Foxtons Managing Director of Lettings Gareth Atkins said: “The London Lettings market wins at the Momentum when we enter April, with March that yields an increase of 14% in new offers – the biggest lifting so far this year.
“At the same time, the applicant’s registrations climbed by 11%, which reflects strong seasonal interest and sustainable trust among tenants. With more choice that comes on the market, tenants are well positioned this spring.”
He added: “At the same time, the steady stream helps to keep the conditions in a large part of the capital in balance, creating a more stable and competitive environment for anyone navigating through the market.”