Competition for London rental homes reached its highest level of the year in August, with 24 renters registering for every new property coming to market, according to Foxtons. The figure jumped 22.4% during the month as the summer lettings market reached its busiest point.
Shifting summer peak
However, the traditional August peak appears to have shifted. Foxtons said activity arrived earlier and was spread more evenly across July and August following the introduction of the Renters’ Rights Act (RRA). Renter registrations fell 3% between July and August. Despite the decline, the two months represented the peak of activity so far this year.
Across 2026 to date, competition has averaged 17.9 renters for every new listing. That was broadly unchanged from last year.
Rental supply rises
Foxtons also reported an increase in properties coming onto the market during August. New listings were 2.9% higher than in August 2025, although they fell 5.2% compared with July. The agency said every month this year has produced more new listings than the equivalent month in 2025.
Foxtons argued this provided evidence that landlords had remained active despite the introduction of the RRA. However, the year-to-date figures paint a more mixed picture. The firm’s market indicators show new instructions across London running 13% below last year, while renter registrations are down 12.3%.
The decline in supply varies significantly by area. Central London recorded a 20% year-on-year fall in new instructions, while North London was down 5%.
Renter demand down on last year
Renter registrations have also fallen compared with the unusually high levels recorded in 2025. Across London, registrations are 12.3% lower year to date. North London recorded the largest decline, down 17.3%, followed by Central London at 16.2%. West London bucked the trend. Renter registrations there were 5.2% higher than last year.
Competition intensified sharply in August despite the wider annual decline in registrations. Foxtons recorded 24 renters per new instruction, the highest level of 2026.
Renter budgets average £571 a week
The average renter budget stood at £571 per week in August. That was 1.9% below July. The year-to-date average is £561 per week, up 0.9% compared with 2025. Central London recorded the highest average at £632 per week, up 4.2%. West London was the only area where renter budgets were below last year’s level, falling 2.2%. One-bedroom flats recorded the largest increase by property type, with budgets up 3.4%.
Gareth Atkins, managing director of lettings at Foxtons, said the biggest change this year had been the timing of demand rather than its overall intensity. He said: “Across 2026, competition for London rental property remained steady at just under 18 renters per new listing. What changed was when demand arrived.
“The Renters’ Rights Act appears to have brought some moves forward, particularly among students, spreading activity more evenly across the summer and easing the traditional August peak.
“For landlords, that meant a longer letting window. Whether this is a lasting shift remains to be seen, with 2026 likely a year of adjustment rather than a new normal.”
