Editor's note: This brief was summarised by The Property AI Team from a report by Landlord Today. Read the original article for full details.
Foxtons Reports Stronger London Lettings Market Ahead of Renters Rights Act
London-focused agency Foxtons has reported that supply levels in the capital’s lettings market are running ahead of last year. According to its latest market snapshot for April, the agency says the market was already moving towards more balanced conditions ahead of the implementation of the Renters Rights Act.
Foxtons notes that improving supply is easing competitive pressure as demand continues to rebuild. The agency’s report highlights that activity in the lettings market strengthened throughout April, with applicant demand recovering and supply ahead of last year’s figures.
For letting agents and inventory clerks, Foxtons’ update indicates that affordability metrics held stable and rents remained flat year on year. This suggests a period of relative stability in the London rental market, with no significant changes in rent levels despite the upcoming legislative changes.
Source: Landlord Today