Competition for London rental properties reached its highest level of 2026 in August, with Foxtons reporting 24 renters for every new property brought to market. This figure represents a 22.4% jump during the month.
Despite this surge in August, renter registrations across London fell by 3% between July and August. However, these two months still marked the peak of activity for the year so far. The average competition across 2026 to date has been 17.9 renters per new listing, which is broadly consistent with last year.
Foxtons also noted an increase in new properties coming onto the market in August, with listings 2.9% higher than in August 2025. However, new instructions across London are running 13% below last year year-to-date, while renter registrations are down 12.3%.
The average renter budget in August was £571 per week, a 1.9% decrease from July. The year-to-date average budget stands at £561 per week, an increase of 0.9% compared to 2025.