"The London lettings market is gaining momentum as we enter April, with March delivering a 14% surge in new listings, the largest uplift so far this year"
- Gareth Atkins - Foxtons
The lettings market continues to show resilience as we move into spring, with rising applicant activity and a healthy supply of new instructions supporting overall market stability, according to the latest data released by Foxtons.
Renter budgets remain strong, reflecting sustained confidence, while rent levels are holding firm across most regions. Although competition has eased slightly compared to earlier in the year, demand remains well distributed, particularly in core and mid-market areas.
March saw a 14% increase in new rental listings across London compared to February, marking the strongest month-on-month uplift so far in 2025. Year on year, new supply remained broadly flat, up just 1%, indicating a stabilising market following the elevated listing volumes seen in early 2024. While regional variation persisted, the overall trend pointed to a steady flow of new instructions, supporting balanced conditions across much of the capital.
Average rent in March stood at £565 per week, reflecting a 2% year-on-year increase. Rents remained stable month on month, with pricing supported by consistent demand and a steady flow of new listings. South London and Surrey recorded the highest annual growth, each up 6%, driven by continued competition for family housing and larger properties.
March saw an 11% month-on-month rise in applicant registrations, in line with seasonal trends. Year on year, demand was stable, tracking just 2% below March 2024 levels. Central London recorded the strongest growth, with a notable uplift in applicants compared to last year, reinforcing sustained interest in core areas.
Competition dipped slightly in March, with an average of 12.6 applicants per new rental instruction, down 4% from February. Year-to-date figures remained broadly aligned with 2024, reflecting a more balanced market compared to last year’s peak activity. Regional shifts were notable: East London saw increased competition, while West London and Surrey experienced sharper declines, contributing to the overall moderation in applicant pressure.
"The London lettings market is gaining momentum as we enter April, with March delivering a 14% surge in new listings, the largest uplift so far this year," explained Foxton's managing director of lettings, Gareth Atkins.
He added, "Simultaneously, applicant registrations climbed 11%, reflecting strong seasonal interest and sustained confidence among renters. With more choice coming to the market, renters are well-positioned this spring. At the same time, the steady flow of listings is helping to keep conditions balanced across much of the capital, creating a more stable and competitive environment for everyone navigating the market.”
