Data released by London lettings and sales agency Foxtons, has revealed that while applicant demand increased 9% in March, compared to February, tenant demand fell 14% year-on-year. 

Overall, the market continued to follow more usual trends compared to the previous two years. South London displayed the highest applicant demand of any region in London, with nearly 17,000 applicants, which was 18% higher than Central London, the next most in-demand region. 

As applicant demand fell y-o-y, the number of new renters per new instruction decreased in a similar fashion. On average, there were three fewer renters per instruction across London, with the figure sitting at 14 applicants per instruction in March. 

Budgets remained higher than in previous years, with a 3% increase in 2024 compared to 2023. Central London continued to command the highest budgets, with an average of £579 per week, which is a 2% increase year on year compared to 2023. 

Following the same trend from 2023, there was an increase in new instructions to the market in January and February 2024, which then cooled in March, with only a 2% year-on-year increase. Despite the moderation in March, the increase in January and February 2024 has resulted in a 15% year-to-date increase in new instructions compared to the first quarter of 2023.