The London lettings market is moving fast, so we’re working even faster to keep our landlords ahead of the curve. In the latest Lettings Market Report, you’ll find data and insight to inform your decisions around your rental.
Rising Demand: The rental market in London is booming due to increased demand, making it a great time for landlords to maximize returns. With renters vying for properties, now is the time to get your rental ready to meet the surge.
Competitive Market: With higher demand comes increased competition. To stand out from other listings, ensure your property has unique selling points, such as modern finishes, convenient locations, or standout amenities.
Attractive Amenities: Consider upgrading your rental with high-demand features such as high-speed internet, smart home technology, or updated kitchens. These amenities can attract tenants willing to pay a premium.
Rent Pricing: Keep an eye on market trends and adjust your rental prices accordingly. As demand rises, strategic pricing can help you attract high-quality tenants while ensuring your rental stays competitive.
Online Presence: Having a strong, professional online listing is essential. Include high-quality photos, detailed descriptions, and clear pricing. Optimize your listing for rental platforms to ensure visibility in a crowded market.
Maintenance: A well-maintained property not only looks appealing but reduces the chance of issues during a tenancy. Regular inspections and prompt repairs can ensure your property remains in top shape, keeping current tenants happy and attracting new ones.
Flexibility: Offering flexible lease terms such as short-term rentals or flexible move-in dates can broaden your rental’s appeal, especially to those looking for temporary accommodations or relocating professionals.
Marketing: Tailor your marketing efforts to highlight what makes your property unique. Whether it's a stunning view, a prime location near transportation, or eco-friendly features, ensure prospective tenants see what sets your rental apart.
Tenant Screening: With a larger pool of applicants, you have the opportunity to choose quality tenants. Implement a thorough screening process to select responsible tenants who are more likely to stay long-term and maintain your property well.
Stay Compliant: With rising demand, it’s crucial that your rental remains compliant with London’s housing regulations. Ensure all health and safety standards, licensing requirements, and tenancy agreements are up to date to avoid legal complications.
Key figures: There was a 12% increase in demand from March to April, and a 6% increase comparing April 2024 and April 2023. Year to date in 2024 there has been an 11% increase in new market listings, with April 2024 having the same number of listings as April 2023 (-1%). Average rent achieved has increased 3% in April 2024 with the average rent achieved across all of London sitting at £555.
Key takeaways: In our report, Foxtons Managing Director – Lettings Gareth Atkins describes for you the 2024 market so far. He adds, “Early data from Quarter 2 has seen not only that supply slowed but also the return of 2023 levels of applicants which, if it continues, would be a strong market for rentals to perform well in.”
