Foxtons’ recent data reveals a 25% surge in new instructions in January 2024 compared to January 2023.
In December, applicant demand shot up by 93%, a common trend during 2023 in the lettings market. Although January 2024 saw a 10% dip in demand from January 2023, it marked a substantial 71% increase from January 2019.
Analysis by Foxtons shows a sustained growth in new instructions since 2023, with London experiencing a 65% jump in January 2024 compared to December 2023.
Rental prices in January 2024 dropped by 1% compared to the same period in 2023, likely due to increased supply.
Managing Director of Lettings at Foxtons, Gareth Atkins, said: “As forecasted, the start of 2024 has seen a more normalised lettings market, and as new properties come to the market, it will be important for landlords to keep track of how that affects their asset.
“The London lettings market can move quickly and be very localised, so a good agent providing timely market analysis and adjusting the strategies accordingly will help to attract the right qualified tenants.”
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