London lettings peak arrived early in first Renters' Rights summer

London's lettings peak arrived early this year. The busiest weeks ran across July and August rather than peaking in the final weeks. That is the finding of Foxtons' Lettings Market Index for August 2026, reported by PropertyWire on 25 September 2026. It was the first summer since the Renters' Rights Act changes came into effect in England on 1 May 2026 (GOV.UK).

What did Foxtons' August index show?

Competition for available property rose 22.4% in August to 24 renters registering per new instruction, the highest point of 2026 (Foxtons). In Foxtons' words, every property that came to market in August "met the deepest pool of applicants of the year". Renter registrations eased 3.0% in August, finishing just below July's level. July and August together were still the peak of 2026.

The year as a whole looks calmer. Competition across the year to date held level with last year at 17.9 renters per new listing (Foxtons). Year to date, registrations ran 12.3% below 2025, which Foxtons describes as a year of exceptional applicant volumes. West London ran against the trend, up 5.2% on last year.

Supply held up. Market new listings ran 2.9% ahead of last year, with August 5.2% below July, and every month of 2026 produced more listings than the same month in 2025 (Foxtons). Foxtons says supply grew through the run-up to the Act and through its first months, "the clearest evidence available that landlords have stayed in the London market".

Pricing barely moved. Renter budgets averaged £571 per week in August, 1.9% below July, and the year-to-date figure of £561 was up 0.9% on 2025 (Foxtons). Foxtons' own August 2026 market update puts the average rent achieved at £604 a week in August, 0.2% below July. Pricing a re-let? Our free stress test calculator shows whether that rent still clears a lender's stress test. That is a check, at a higher notional rate, that rent covers the mortgage.

Did the Renters' Rights Act cause the early peak?

Foxtons links the timing to the Act, but its lettings chief hedges. Gareth Atkins, Managing Director of Lettings at Foxtons, said the Act "appears to have brought some moves forward, particularly among students" (The Negotiator). He added that this spread activity more evenly across the summer and eased the traditional August peak.

For landlords, Atkins said, "that meant a longer letting window". But he did not call it permanent. "Whether this is a lasting shift remains to be seen, with 2026 likely a year of adjustment rather than a new normal," he said.

One caution on scope. The figures Foxtons published cover London as a whole and do not break out HMOs (houses in multiple occupation, where unrelated tenants share facilities) or room lets. So treat the timing shift as a signal to watch in your own enquiry data, not a rule for every room. Our property investment strategies hub collects our guides on HMOs and the other main strategies.

What should a London HMO landlord check before the next intake?

Start with students, because that is where Atkins saw moves come forward. Under the Renters' Rights Act, GOV.UK says landlords may be able to use a new possession ground to relet to students in the new academic year. It covers full-time students on a joint contract in an HMO, and notice must have been given at the start of the tenancy. GOV.UK adds that it does not apply to all student properties, such as purpose-built student accommodation.

Next, your marketing. GOV.UK says you will need to publish an asking price when you advertise, and you cannot accept offers above the advertised rent. You also cannot accept rent before the tenancy agreement is signed. With 24 renters registering per new instruction in August, those rules matter most at exactly the busiest moment.

Then check your licence. The conditions that bind your property are the ones on your own HMO licence, and no London-wide index can tell you those. If you are weighing a refinance on a shared house, our HMO valuation calculator shows how a commercial valuation can work at refinance.

For the wider rule changes, our free property resources hub collects guides you can use alongside the GOV.UK overview.

Key takeaways

• Competition for London rentals rose 22.4% in August 2026 to 24 renters per new instruction, the highest point of 2026 (Foxtons).

• London's busiest lettings weeks ran across July and August this year, rather than peaking in the final weeks of summer (Foxtons).

• Year-to-date competition held level with last year at 17.9 renters per new listing, while new listings ran 2.9% ahead (Foxtons).

• Foxtons' lettings chief says the Renters' Rights Act "appears to have brought some moves forward", and says 2026 is likely "a year of adjustment rather than a new normal".

• HMO landlords letting to students may wish to read the new student possession ground on GOV.UK, which covers full-time students on a joint contract.