New figures from Foxtons show the London rental property market began to cool in November, in line with its normal, seasonal trend for the winter months.

November followed the seasonal downward trend with a 26% reduction in renter registrations from October. However, year to date, demand remained 15% higher than the same period last year. The outer zones of London continued to show higher levels of renter demand, particularly prominent in South and West London, where renter registrations were up 34% and 54% respectively compared to 2021. 

In November, the average rent price was £551 per week, the third straight month that average rents have been £550 or more. Whilst this represents a 3% month-on-month decrease, this price is still 20% higher year-on-year. 

There were 15 renters competing for every new property this November, a 31% reduction compared with October, but still 35% up on the prior year. For the first time in over two years, this figure was lower than the same month in the prior year. 

Competition remained high in South London with 31 renters per new instruction, while the East and West regions followed with 28 renters per new instruction.