Applicant demand recovered and supply ahead in April, says Foxtons

Despite worries in the run-up to the launch of the Renters’ Right Act in May, the lettings market remains a strong and viable investment option, according to Foxtons’ April 2026 Lettings Market Index.

It shows that the market strengthened during April, with applicant demand recovering and supply remaining ahead of last year.

Registrations rose 9.5% month on month but finished 6.0% below last year’s levels, while new listings rose 3.7% year-on-year but dropped 6% against March following an early Spring peak.

Competition has eased compared to the same time last year as supply has improved. Renters per instruction was down 6.5% year-on-year but increased 15.6% month-on-month.

Rental prices remain high, with renters continuing to spend 99% of their budgets. This figure is unchanged year-on-year and down only 0.1% month-on-month.

A behavioural shift

Gareth Atkins, managing director of lettings at Foxtons, said: “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.”

However, Atkins said 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.”

Foxtons year-to-date key market indicators