The introduction of the Renters’ Rights Act in May 2026 altered the typical seasonal pattern of London’s lettings market, with peak summer activity arriving earlier than in previous years, according to Foxtons’ latest Lettings Market Index.
The estate agency reported that landlords moved to secure tenancies earlier in the summer season following the introduction of rental reforms, resulting in more evenly distributed activity across the period rather than the traditional August peak.
Supply and demand patterns
Market new listings in 2026 ran 2.9% ahead of 2025 levels, with every month of the year producing more listings than the corresponding month in the previous year. August listings were 5.2% below July figures.
Foxtons stated that supply growth continued through the run-up to the Renters’ Rights Act and during the first months of its implementation, indicating landlord retention in the London market.
Tenant registrations year-to-date fell 12.3% compared to 2025, though West London recorded a 5.2% increase against this trend. Competition for available properties rose 22.4% in August to 24 renters per new instruction, the highest level recorded in 2026. The year’s average stood at 17.9 renters per listing.
Rental pricing data
Average renter budgets reached £571 per week in August, representing a 1.9% decline from July. The year-to-date average of £561 per week marked a 0.9% increase on 2025 figures.
Central London commanded the highest weekly rates at £632, up 4.2% year-on-year. West London was the only area recording a decrease, down 2.2%. One-bedroom flats experienced the largest movement among property types, increasing 3.4%.
Gareth Atkins, Managing Director of Lettings at Foxtons, 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.”
He added that the shift provided landlords with an extended letting window, though cautioned that 2026 likely represented “a year of adjustment rather than a new normal.”
The timing shift comes as the lettings sector adapts to regulatory changes, with letting agents identifying tasks requiring human expertise amid broader industry evolution. The market adjustments follow a period of significant change across the property sector, where transaction processes continue to face scrutiny.
Whether the altered seasonal pattern becomes permanent will depend on market behaviour in subsequent years, with industry observers monitoring how landlords and tenants respond to the regulatory framework over the longer term.
