According to new data from Foxtons, the London lettings market is showing resilience with a 25% month-on-month increase in new applicant registrations. This surge in demand, along with a material improvement in supply, has created a highly competitive market, particularly in Central and North London.

Key findings from the report include:

• Applicant Demand: The number of new renters per available property reached 18.5 in July, indicating high market competitiveness.
• Budgets: Renter budgets are on a gradual upward trajectory, with the average applicant budget reaching £554 per week, a 2% increase year-on-year.
• Supply: New rental listings saw a significant improvement in July, with almost 50,000 new properties listed, the largest volume in the last four years. This 12% increase from July 2024 is seen as a sign of growing landlord confidence.
• Spending Habits: While renters in Central London continue to spend above their registered budget, 63% of renters across the network are now transacting below budget, suggesting a greater choice of properties.

Gareth Atkins, Foxtons’ managing director of Lettings, notes that despite the uptick in supply, demand remains strong, driving rental prices upward and setting the stage for continued momentum through the end of the summer.