Activity in the lettings market strengthened through April, with applicant demand recovering and supply ahead of last year, while affordability metrics held stable and rents stayed flat year on year, the latest Foxtons lettings data reveals.

April provides the final snapshot of market conditions ahead of the Renters’ Rights Act implementation.

Foxtons says the data suggests the market was already moving towards more balanced conditions, with improving supply easing competitive pressure as demand continues to rebuild.

Supply levels remained ahead of last year, with new listings up 3.7% year on year.

Against March, listings dipped 6.0% following the early spring peak, but stock levels remained sufficient to support more balanced conditions.

Applicant demand continued its seasonal recovery in April, with registrations rising 9.5% month on month.

Even with this improvement, demand finished April 6.0% below last year’s levels, showing that while momentum is building, it has yet to return to the heightened activity seen in 2025.

Competition eased this April compared with last year, with renters per instruction down 6.5% year on year as supply improved.

There was a 15.6% month-on-month increase, which shows demand beginning to re-accelerate, pointing to a market that is more balanced but still active.

Renters continued to spend 99% of their budgets, unchanged year on year and pointing to consistent affordability conditions.

The slight 0.1% decrease month on month suggests renters were not stretching beyond established limits.

Foxtons says this balance between steady budgets and rising activity points to a market that is growing without placing additional pressure on affordability.

Foxtons managing director of lettings Gareth Atkins says: “The Renters’ Rights Act has landed in a busy season with momentum unimpeded by the new legislation. Applicant numbers have spiked, supply is strong and budgets are holding firm.”

“The more interesting shift is behavioural: renters are moving earlier and acting more decisively, but they’re also more discerning about where they spend their time.”

“A property that would have generated viewings on momentum alone two years ago now needs to earn them. The market is rewarding landlords who treat the launch of a let with the same care as the launch of a sale: clear positioning, accurate pricing, and a property that’s genuinely ready on day one.”