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Rental prices in London reach record high in October, says Foxtons

New figures from Foxtons show that rental prices in the capital have reached record highs, as rising interest rates and lack of supply put pressure on rental prices.  

In October, rental prices reached a new record high of £571 per week, the firm said, exceeding the previous high of £553 per week in September 2022. This is a 4% uplift in comparison to September, which would typically be the peak for the lettings market. Central London continued producing the highest average weekly rent this year at £643 per week, a 29% increase on prices seen in October 2021. 

There were 22 renters competing for every new property in October 2022, which is higher than any October Foxtons has recorded in 2021, 2020, or 2019. While the number of renters competing has decreased from September, October’s 22 renters per new instruction is 40% higher year on year. 

In October, demand for properties in London followed the usual seasonal downward trend, with a 38% reduction in renter registrations from September 2022 to October 2022. However, when compared to October 2021, renter registrations are still 2% higher. With intense competition in the capital, renters have turned their attention towards the outer zones. In South London, registrations are up 37% from 2021, and in West London, registrations are up 57% from 2021.

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