New figures from Foxtons show that the average weekly rent in the capital in August was 11% higher than in 2022 with average rental prices remaining high for the third month in a row, showing little change since June.

Applicant registrations increased 6% month on month, with August seeing the largest volume of registrations in 2023 as expected. However, the total volume of applicant registrations was lower than that seen during the particularly competitive market in August 2022, and more in line with levels of demand seen in 2021. Similarly, there was an average of 23 new renters per new rental instruction, an 11% increase on July.

However, compared to August last year, the number of new renters per new instruction reduced by 17%. Foxtons’ data found that East London has seen a 46% month-on-month increase in renters per instruction, with an average of 38 renters per instruction. Foxtons analysis of Zoopla data also showed there were over 35,000 new instructions this August, a decrease of 7% from July.

Sarah Tonkinson, managing director of Institutional PRS and Build to Rent at Foxtons, said: “Prices remained immovably high, and year to date, London is seeing its highest average rent prices in the last three years.”