The Renters’ Rights Act, which took effect in May 2026, has altered London’s lettings market by advancing peak rental activity into the summer, Foxtons’ latest figures show. Landlords now begin securing tenancies earlier than usual, distributing demand more evenly across the season rather than concentrating it in August as previously observed. This change contrasts with past years, when listings typically surged late in the summer.
In 2026, new property listings increased by 2.9% compared to the same period in 2025, with every month exceeding the prior year’s totals. August saw a 5.2% decline in listings relative to July, ending the traditional late-summer rush.
Tenant registrations fell by 12.3% year-to-date, though West London defied this trend with a 5.2% rise. Competition for available properties intensified, reaching 22.4% higher in August, with an average of 24 renters per listing—the highest level recorded in 2026. The annual average competition rate stood at 17.9 renters per instruction, up from earlier years.
Average renter budgets climbed to £571 per week in August, a 1.9% decrease from July but still 0.9% above the 2025 yearly average. Central London remained the most expensive area, with weekly rents at £632, marking a 4.2% year-over-year increase. West London was the only region to see a price drop, falling by 2.2%, while one-bedroom flats experienced the largest price adjustment, rising by 3.4%.
Gareth Atkins, Foxtons’ Managing Director of Lettings, explained that while competition remained steady at nearly 18 renters per listing, the act accelerated rental activity, particularly among students. He noted that landlords now have a longer letting period. He added, however, that this adjustment might prove temporary rather than a permanent market shift.
