Year on year, new supply remained pretty level – up just 1% – indicating a steadying market following the elevated listing levels witnessed in early 2024.

While regional variation continued, the general trend pointed to a steady flow of new instructions.

Average rent in March stood at £565 per week, showing a 2% year-on-year increase. Rents remained stable month on month, with pricing supported by consistent demand and a steady flow of new listings.

South London and Surrey recorded the highest annual growth, each up 6%, driven by continued competition for family homes and larger properties.

March saw an 11% month-on-month rise in applicant registrations, in line with seasonal trends. Year on year, demand was stable, tracking just 2% below March 2024 levels.

Central London recorded the strongest growth, with a notable uplift in applicants compared to last year, reinforcing sustained interest in core areas.

Competition dropped marginally in March, with an average of 12.6 applicants per new rental instruction – down 4% from February. Year-to-date figures remained broadly in line with 2024, indicating a more balanced market compared to last year’s peak activity.

Regional shifts were evident: East London saw increased competition, while West London and Surrey experienced sharper declines, contributing to the overall moderation in applicant pressure.

Commenting on the latest data Foxtons managing director of lettings Gareth Atkins said: “The London lettings market is gaining momentum as we enter April, with March delivering a 14% surge in new listings – the largest uplift so far this year.

“Simultaneously, applicant registrations climbed 11%, reflecting strong seasonal interest and sustained confidence among renters. With more choice coming to the market, renters are well-positioned this spring.”

He added: “At the same time, the steady flow of listings is helping to keep conditions balanced across much of the capital, creating a more stable and competitive environment for everyone navigating the market.”