Foxtons says London renter registrations fell 21% between August and September
The agency's lettings index shows registrations for the year so far running 11% behind last year, while listings and achieved rents edged higher.
The number of people registering to rent with Foxtons in London dropped by 21% in September compared with August, according to the agency's latest lettings index, as activity eased after the summer.
Across the year so far, registrations were 11% lower than in the same months last year. Foxtons said west London was the one region that bucked this trend. The agency looks after over 31,000 tenancies in the capital and nearby commuter towns.
Each new property instruction drew an average of 20 new renters in September, a 16% drop from the August high. That figure remained 2% up on a year earlier, Foxtons said.
On the supply side, the number of new listings across the market was 3% higher than in the equivalent period last year. Listing volumes in September barely moved from the August level.
Renters had an average budget of £562 a week for the year to date, 1% more than a year before. Budgets dipped by a little over 1% between August and September. Year-to-date budgets were highest in central London, at £632 a week. West London was the one area where budgets came in lower than last year.
Renters paid an average of 98% of their stated budget over the year so far, rising to 99% in September. The average achieved rent for the year to date was almost 1% higher at £590 a week, and the September figure was £610, a 1% rise on August.
"London lettings is entering a new kind of market," said Sarah Tonkinson, managing director institutional PRS and build to rent at Foxtons. She said applicants were "making more considered choices".
