The London rental market showed signs of renewed momentum in May, with applicant registrations rising 35% month-on-month following a subdued April. <\/p>\n
Despite the seasonal bounce, demand remains cautious, with year-to-date applicant volumes still 5% below 2024 levels.<\/p>\n
Regional variation was marked, with Central London outperforming 2024 levels, while South and West London recorded year-to-date declines of 18% and 23%, respectively. <\/p>\n
The supply of rental listings also strengthened, increasing 9% in May alone and bringing year-to-date growth to 9%. In total, around 40,000 new listings were recorded across the capital in May.<\/p>\n
Market competitiveness also climbed, with 14.15 new applicants per new instruction, a 14% increase from April. <\/p>\n
The most notable rises in competitiveness were seen in Central London, North London and Surrey, up 24.7%, 21.6% and 34.7% respectively. <\/p>\n
Average applicant budgets grew by 1% month-on-month to over \u00a3550 per week, reflecting demand for central and larger homes, though affordability pressures remain.<\/p>\n
Rents held steady in May at \u00a3589 per week, up 3% year-to-date, with West London, South London and Surrey showing the largest gains at 5%, 4% and 5% respectively. <\/p>\n
Renters used 98% of their budgets on average in May, up 1% from April, yet 64% still secured homes under budget, suggesting improved market balance.<\/p>\n
Gareth Atkins, managing director of lettings, said: \u201cLondon\u2019s rental market came back with real force in May. <\/p>\n
\u201cWe saw a 35% surge in applicant demand alongside sustained growth in supply, a clear sign of a market gaining strength and momentum. <\/p>\n
\u201cCentral London continues to outperform, and renters are re-engaging with pace and purpose. As we move into summer, the lettings landscape is vibrant, competitive, and full of opportunity for both landlords and tenants.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"The London rental market showed signs of renewed momentum in May, with applicant registrations rising 35% month-on-month following…\n","protected":false},"author":2,"featured_media":193921,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7757],"tags":[748,393,79119,4884,257,17567,79120,79121,2343,16,15],"class_list":{"0":"post-193920","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-london","8":"tag-britain","9":"tag-england","10":"tag-foxtons","11":"tag-great-britain","12":"tag-london","13":"tag-rent-prices","14":"tag-rental-costs","15":"tag-rental-demand","16":"tag-research","17":"tag-uk","18":"tag-united-kingdom"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@uk\/114703423562540774","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/193920","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/comments?post=193920"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/193920\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media\/193921"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media?parent=193920"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/categories?post=193920"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/tags?post=193920"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}