New figures revealed in the May 2023 Foxtons Lettings Market Index show that average weekly rental prices in May have surpassed the peak of 2022, increasing 8% from the previous month. 

The average weekly rent in London surpassed £600 in May, an 8% increase on April and a 13% increase year-on-year. Central London, once again, achieved the highest average weekly rent. However, East London showed the highest year-on-year increase at 18% compared to May 2022. 

Foxtons’ analysis of London data shows that market activity picked up significantly in May. New listings increased 22% from April to May, whilst applicant demand increased 31% over the same period. 

Registrations remained broadly flat compared to last year, however Foxtons saw registrations rise 8% in South London and 13% in West London year-to-date compared to last year. 

The average rental budget for applicants increased 2% from April to May. Applicants looking to rent in North and East London increased their budgets the most, budgeting 12% more than last year. 

Gareth Atkins, managing director of lettings at Foxtons, said: “We are seeing trends in demand and supply return to a more traditional cycle, in line with what was commonplace before Covid. The one major difference is that even with May’s increase in properties to rent, applicant demand is far exceeding supply.”