London renters are on the move and looking for something different. Data from our London Report reveals changes in the audience for London lettings, see the upcoming opportunities for your property to rent.
Greater London keeps getting Greater
Foxtons annual report just recently launched, The London Report 2023, which found demand increasing in Outer London. In 2016, 27% of Londoners worked in Central but lived in the outer boroughs. By 2022, that number raised to 39%, with a strong correlation between expansion and new/planned transport links.
Renter Registrations by Region (YTD) - Foxtons March 2023 Lettings Market Report
According to our March 2023 Lettings Market Report, demand is highest in South London. Here there are historically popular renter areas, like Clapham and Wimbledon, which offer the perfect mix of transport and a good local scenes.
The ratio of new renters per new instruction actually favours West London, which grew 14% from March 2022 to 2023. This higher competition per instruction could be due to the Elizabeth line, which makes it easier to live in West London and commute to universities and more central offices.
How old are London renters?
London’s population has shown an interesting trend in the past two years. The number of Londoners aged 40–49-years old has risen 6.4%, becoming the second largest group. The largest group remains 20–29-year-olds as students and young professionals find the opportunities they’re looking for in the big city.
We have noticed the impact of more mature and experienced tenants means landlords are required to be faster and more organised around new legislation and maintenance. We’ve seen an increase in the number of landlords requesting Foxtons Property Management to keep up. It’s much easier to have a team of legislation experts monitor any government changes to the nearly 150 pieces of legislation that may affect their tenancy, and to trust urgent maintenance to our network of vetted contractors.
What’s next for London tenants?
If you’re looking to make the most of the experience you’ve gained as a landlord and give yourself another strong investment in London property, we have some excellent buy to let options to choose from.
A good investment
Buy to let in a development, and you’ll have an attractive listing with new interiors, appliances and amenities like concierge. You can use Foxtons network of prominent developers to explore the best opportunities coming to the London market. We frequently see developers use incentives like equity from completion, early-bird offers and extended payment terms to encourage buy-to-let purchasing off-plan. Plus, quite a bit of research goes into capital appreciation on these assets.
See our rental yield calculator.
Moving forwards
Foxtons Moving Londoners - The London Report 2023
Developments are cropping up all over Greater London, taking advantage of new and underutilised transport links to draw renter demand into new areas.
Our report found, “Last year, 13% of buyer and renters who found their ideal property outside of their initial search area moved to a new build or BTR home. This rose to 16% for those initially looking in East and West London.”
Foxtons is unique in a way that helps us excel at moving Londoners. Our office are all linked, so no matter the Foxtons office a renter walks into, we can show them their best suited properties across our network. If you want to be part of London’s expanding network of rental opportunities, get in touch with our new homes team.
