2025 – A Strong Start in an Evolving Landscape

HISTORIC HESITATION

Historically, when buyers hesitate, renters step forward—and Q1 2025 has followed that well-established pattern. We’ve seen a significant uptick in applicant activity, with demand rising over 28% compared to Q4 2024. While it’s true that Q4 tends to be seasonally quieter, this year’s surge in demand was stronger than expected even when factoring in typical New Year momentum.Overall, applicant demand is also marginally up vs the same period last year, underlining the strength of tenant appetite in early 2025.

Moreover, the number of our completed lettings transactions has increased by 25% year-on-year, a clear indication that the market is not only busy with enquiries but successfully converting them into lets. This level of transactional activity is especially encouraging against a backdrop of economic uncertainty.

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January came out of the gates strong, bolstered by the familiar “New Year, new home” sentiment. March also proved unexpectedly busy. With Easter falling in April this year, much of the usual Easter holiday-driven tenant activity landed in March—especially among families and sharers looking to make the most of school breaks and free annual leave offering a stress free move experience. These two bumper months were instrumental in driving up transaction volume, leading to a significantly higher number of successful lets compared to Q1 last year.

Interestingly, while applicant levels were broadly in line with last year, we outperformed the wider market in terms of successful transactions. Many of our competitors reported a dip in volume, so we’re pleased—but not complacent—about our results. We pride ourselves on out-trading the market, but it’s important to keep perspective: wider market data suggests a marginal decrease in lettings activity and a general flatlining of rents across central London.