Demand for rental properties increased by 83% in January, Foxtons data shows.
There was a 51% increase in volume of listings coming to market, as Foxtons described supply and demand as being “well balanced”.
Gareth Atkins, managing director of lettings, said: “Foxtons’ analysis of new listings in the London rental market reveals a slight increase from this time last year, but a 55% increase in available properties compared to the same period of 2023 – highlighting a notable expansion in supply.
“While the coming spring market should bring an uptick in demand, the substantial growth in supply is contributing to increased competition among available properties.
“The London Lettings market is therefore looking as if it will stabilise as we move into the spring offering predictability for both renters and landlords.”
Central London exhibited a significant 15% increase in demand from last January, followed closely by North London’s 13% increase.
West London had a 15% decrease, reflecting shifting preferences across the capital.