"The London lettings market showed strong signs of stability in June, with applicant numbers rising 21% from May and new listings at their strongest level in four years"
- Gareth Atkins - Foxtons
London's lettings market experienced a sharp rise in activity in June, as new data from Foxtons shows a significant increase in both supply and renter engagement.
Applicant registrations climbed 21% month-on-month, coming in just 4% below the level recorded in June 2024. The surge in demand was matched by a rise in available stock, with nearly 45,000 new listings in June. This marked an 18% increase from May and the highest level of new instructions seen in four years.
"Average weekly rent climbed 1% from May to stand at £593 per week, significantly ahead of June 2024," said Gareth Atkins, managing director of lettings. "The London lettings market showed strong signs of stability in June, with applicant numbers rising 21% from May and new listings at their strongest level in four years,"
"This increase in supply is helping to ease pressure on renters, as seasonal demand increases, and with more applicants in the market, good landlords will see strong demand across the capital. As we move into the summer, we expect this healthy balance between supply and demand to continue, offering more choice for renters and a stable and predictable environment for London’s landlords."
Foxtons reported that overall demand in 2025 is broadly in line with 2024 levels, trailing by just 4% year-to-date. Central London recorded a 4% increase in registrations compared to June 2024, while North London rose by 5%. By contrast, activity dipped in East London by 6%, with South and West London falling 15% and 22% respectively.
Market competitiveness, measured by applicant registrations per instruction, has become more stable across 2025. However, the East and South regions saw the largest decline in competitiveness as growing supply met flatter demand.
The company’s data also indicates that listings in the first half of 2025 are up 13% compared with the same period last year. This trend suggests a return to more traditional market cycles and a broader range of options for prospective tenants.
Average applicant budgets also rose 1% from May and now stand above £550 per week, 2% higher year-to-date than in 2024. Despite this increase, Foxtons noted that affordability remains a constraint on faster budget growth.
Renters are continuing to spend close to their stated limits, with 98% of budgets used in June. However, 63% of tenants secured properties below their registered budgets, a trend likely supported by the wider availability of listings. The company expects this pattern to persist as a greater supply helps sustain choice for renters.
