Editor's note: This brief was summarised by The Property AI Newsroom from a report by PropertyWire. Read the original article for full details.

Foxtons Reports Nearly Two-Thirds of Rental Applicants Are Overseas

Nearly two-thirds of rental property applicants at London agency Foxtons originate from overseas, according to internal data released by the company. The figures, disclosed in a joint statement with Zero Deposit, highlight the challenges letting agents face when processing applications from tenants without UK-based financial references or traditional guarantors.

The data suggests that international demand is contributing to pressures in the London rental market, where average rents are £2,294 per tenancy—50% higher than the rest of Britain. In response to the applicant profile, Foxtons has partnered with Zero Deposit to offer Guarantor+, a service designed for tenants unable to meet conventional guarantor requirements. More than 25% of properties across letting agents and Build to Rent operators now accept the Guarantor+ product.

Zero Deposit reported that 77% of London tenants select Guarantor+ when offered, reflecting significant demand for alternative referencing solutions. The trend is part of broader changes in the rental sector, where traditional landlord-tenant relationships are evolving amid regulatory and demographic shifts.

Gareth Atkins, Managing Director of Lettings at Foxtons, noted that international renters, students, and the self-employed—groups that often struggle with traditional referencing criteria—make up a significant portion of London’s rental market. The developments come as competition for rental properties intensifies across the capital, with overseas applicants forming an increasingly central component of tenant demographics.

The partnership between Foxtons and Zero Deposit reflects the letting industry’s adaptation to a rental market characterised by high international mobility and limited housing supply.