This isn't the frenetic pace of previous summers. We're seeing a new rhythm take hold of London’s lettings market while tenant preferences evolve. Our experts have delved into the data, and the key takeaway is clear: the old rules no longer guarantee success. This month’s Lettings Market Report can help you adapt your strategy and thrive in this changing landscape.
"April’s market data presents a unique challenge: a 5% rise in new instructions alongside a 3% decline in applicant demand. While these shifts aren’t dramatic, they further highlight the contrast between today’s environment and the much busier summer market of two years ago ... What’s clear is that the 2022–2023 playbook no longer applies. The market has evolved, and your strategy must evolve with it. Those who come prepared with a flexible, well-rounded plan will be best positioned to thrive.”
Gareth Atkins
Managing Director - Lettings
📈 Key numbers from the report
• Rent Achieved: The average rent achieved in April 2025 increased by 3% to stand at £589 per week.
• Supply: There was a 5% increase in market supply of new instructions in April 2025, which drove the total increase in market supply of new instructions year to date to 9%.
• Demand: April saw a 3% month-on-month reduction in applicant registrations, which goes against the trend usually seen at this time of year.
🎬 Watch: getting it right in a changing market
Fran Giltinan, Managing Director - Property Management & Customer Experience, shares expert insight on what's ahead for London landlords:
Build to Rent sees more students
Turns out, it's the same story in Build to Rent. Our team have noticed renters in this space are also planning further in advance:
“Last month, I predicted residents would take more time choosing apartments – and through April this trend only became more pronounced. My team are seeing savvy residents planning miles ahead. The perfect example is students, who are already searching for accommodations ahead of their August/September start dates.
"In our report, you’ll see rising applicant budgets and decreasing renter spend, which reflect a deliberate, quality-focused search by residents. So, your agent must get every viewing exactly right: truly understanding the offering, marketing it precisely and crafting a pricing strategy that stands out against competing Build to Rent developments.”
Sarah Tonkinson
Managing Director of Institutional PRS and Build to Rent
"I know why you’re taking the time. There are big, costly consequences for getting it wrong in London lettings. But there are also big, costly consequences for not getting it right fast enough."
Read: The race to rent
More insight for London landlords:
• The race to rent: expert tips for success in a changing market
• Do I really need property management?
• What repairs are landlords responsible for?
“Right now, London renters are starting their search much earlier and spending considerably longer finding the right reliable, well-maintained home at the right price.
For landlords, this means professionalism on your side is essential. As you compete to get your property in front of discerning renters this summer, the standards are rising.
Landlords have to set up their property perfectly before a void – which obviously means carefully considering the marketing and pricing strategy, but also taking care of basic maintenance to freshen up the property and bring it up to a good standard ready for the new tenancy so that you secure a premium tenant who will respect and loomk after your asset."
Source:
• Market data: Foxtons Business Analytics produces our monthly Lettings Market Report, leveraging cutting-edge technology and our exclusive database, one of the largest for London's property market, to provide unparalleled insights for our landlords each month.
• Expert insight: To provide you with the most value, this article features our leading lettings experts. Our team's hands-on experience comes from many years in the industry with London's leading lettings agency, so you can rely on our practical, market-tested insight.
This blend of data-driven analysis and expert commentary offers a comprehensive view of the market, helping landlords navigate any market conditions with confidence. For any questions on the report or insight, ask a Foxtons expert.