The London lettings market spent two years braced for the Renters' Rights Act. Across its first four months, the biggest change has been timing. The busiest weeks of the year arrived earlier than usual, spreading activity across July and August, while competition for each property held steady.
"Tenants are better informed than ever, with AI tools making it easy to check what a compliant tenancy should look like, and licensing registers and safety standards are a matter of minutes to look up. Confirm your gas safety, EPC and deposit protection are current, and keep the records where you can find them. Or hand it to the experts..."
Fran Giltinan,
Managing Director of Property Management & Customer Experience at Foxtons
Get the full story in the Lettings Market Report - August 2026
📈 Key rental market numbers from the August 2026 report
• Competition for each property peaked in August at 24 renters per new instruction, the highest point of 2026, while the year-to-date figure held level with last year at 17.9.
• Supply kept growing, with market new listings 2.9% ahead of last year and every month of 2026 producing more than the same month in 2025.
• Average rent achieved stood at £588 per week year to date, up 0.5% on 2025, with renters spending 98% of their budgets across the year.
See Foxtons Lettings Market Reports
🎬 Watch: Why London's lettings season arrived early this year
Gareth Atkins, Managing Director of Lettings, explains how demand shifted across the summer and what it meant for landlords:
The 2026 London rental market outlook so far...
Across the first four months under the new rules, renter registrations came in below the exceptional volumes of 2025, but competition for each available property held level with last year. Supply kept pace, with more new listings in every month of 2026 than in the same month of 2025. What renters were prepared to pay rose 0.9%, and they spent 99% of their stated budgets in August, which is why accurate pricing is worth the effort. Whether the earlier season becomes the new pattern remains to be seen, and 2026 looks more like a year of adjustment than a new normal.
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**TwentyCI data, 2025 new lettings instructions at a brand level
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.
Read the full transcript
GA: Across 2026, competition for London rental property remained steady at just under 18 renters per new listing. What changed was when demand arrived.
The Renters' Rights Act appears to have brought some moves forward, particularly among students, spreading activity more evenly across the summer and easing the traditional August peak. For landlords, that meant a longer letting window.
Whether this is a lasting shift remains to be seen, with 2026 likely a year of adjustment rather than a new normal.
