The highest rise was registered in North London, which saw a 41% year-on-year boost in new instructions, followed by West London, which saw a 34% increase year-on-year.
The market has also seen changes in rental demand in January — new renter registrations fell by 10% across all London, compared with January 2023.
West London saw a 26% decline in new renter registrations, the highest drop in renter registrations in all of the capital’s regions.
In addition, rental prices decreased by 1% from the same period in 2023, which can be attributed to increasing supply, according to the letting agency.
Gareth Atkins, managing director of lettings at Foxtons, stated: “As forecasted, the start of 2024 has seen a more normalised lettings market, and as new properties come to the market, it will be important for landlords to keep track of how that effects their asset.
“The London lettings market can move quickly and be very localised, so a good agent providing timely market analysis and adjusting the strategies accordingly will help to attract the right qualified tenants.”
Sarah Tonkinson, managing director of institutional PRS and BTR at Foxtons, said the agency is not expecting massive price growths across London’s letting market this year.
“The market is still competitive; January 2024 had 56% more applicants per new instruction than in 2019 — which we consider to be the last year that there was a more normalised lettings market.
“While there is opportunity, landlords may need to take a more active approach to pricing and work with agents to place tenants and minimise void periods.”
