The London rental market experienced unprecedented competition in August 2026, as demand per available property reached its peak for the year. New property listings increased by 2.9% compared to August 2025, while renter registrations declined by 3.0%. Despite this drop, August remained the second-busiest month of the summer after July. This trend indicates landlords have largely maintained their presence in the market even after the Renters’ Rights Act (RRA) came into effect in April.

Competition intensified further, with 24 applicants now competing for every new rental listing—an increase of 22.4% from the same period last year. West London showed the most significant rise, with 20.9 renters vying for each new property, up from 18.0 in 2025. This competition level represents the highest applicant pool of 2026, with every available property facing greater demand than in previous months.

The RRA has disrupted the traditional rental season pattern. Instead of a sharp peak in late August, demand has spread more evenly across July and August, reducing the usual end-of-summer rush. According to Foxtons’ lettings index, student moves arrived earlier than usual, giving landlords additional time to secure tenants.

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Average renter budgets in August stood at £571 per week, a 1.9% decrease from July but still 0.9% higher than the year-to-date average in 2025. Central London remained the most expensive area, with weekly rents at £632, marking a 4.2% increase from last year. West London was the only region where rents dropped, falling by 2.2%, while one-bedroom flats saw the largest price adjustment, rising by 3.4%.

Year-to-date, new rental listings decreased in all regions except West London. Central London saw a 20% reduction in new instructions, East and West London both fell by 9%, South London dropped by 8%, and North London experienced a 5% decline. On the demand side, renter registrations were lower in every region except West London, which saw a 5.2% increase. Central London registrations fell by 16.2%, North London by 17.3%, and both East and South London by 12.4%.

Gareth Atkins, managing director of lettings at Foxtons, explained that the RRA had altered rental timing but not overall supply levels.