The latest data from Foxtons has highlighted the highest amount of new stock coming to market out of any of the last four years. It was 8% higher than last year, and month-on-month there was only a 2% reduction in the supply of available stock.

Applicant demand was marginally lower than this time last year, just 3% lower than in October 2023. It reduced by 32% from September, as expected at this time of year. Demand in Central London has been particularly strong over the course of the year, with a strong summer period resulting in a 15% rise from 2023, year to date.

The number of applicants per new instruction has decreased 12% in 2024 year to date, and as the peak lettings season drew to a close, there was a 24% reduction from September to October 2024. Central London, contrary to other areas, has seen an 11% increase in applicants per new instruction compared to 2023.

Applicant budgets remained higher than any other year recorded and have stayed consistently high throughout the entirety of 2024 so far, with the average weekly budget now at £558.

Gareth Atkins, MD of lettings at Foxtons, said: “Rental listings in London reached their highest October levels since 2019, signalling a notable increase in stock.”