Renters in London are offered relief with the news that property listings have risen significantly in May, according to the latest Foxtons data.

The London market saw a 36% increase in listings in May compared to April. Year-to-date figures indicate a 10% rise in listings in 2024 compared to 2023.

Applicant demand also increased month-on-month, with a 20% rise from April. The additional listings have reduced competition, providing renters with more options and less need to register with multiple agents. As a result, May’s average rent was £577 per week, slightly lower than the £606 average in May 2023.

The report notes that over 20% of new instructions year-to-date were in Westminster and Tower Hamlets, with Westminster alone accounting for 11% of new instructions.

Despite the increase in demand, there was a 21% reduction in new renters per instruction due to the higher number of new instructions entering the market in 2024.

Gareth Atkins, managing director of lettings at Foxtons, stated, “As we move into peak summer lettings season, supply is growing.

“Renter demand is also growing, mirroring 2023’s Q2 trends with a 20% month-on-month increase. If demand follows last year’s trends through summer, Q3 will be a very busy market.

“The announcement of the general election at the same time has resulted in the shelving of the Renters Reform Bill.

“This means there will be no immediate changes to fixed term tenancies or any of the other provisions within the bill. Renters Reform is likely to be reintroduced under a new government but for now, it’s business as usual.”