The number of new renters per Foxtons rental property fell during 2016, the London agent has reported.

Foxtons’ London Lettings Report, looking at 20,000 active tenancies, found that tenant demand had dropped slightly in the third quarter of last year following the Brexit vote, pushing it down to 5.3 renters per property in the last quarter of 2016, compared with 6.2 year-on-year.

The agent said this was close to the average figure between 2013 and 2015.

The report says rising rental stock pushed rents down across all areas classified by the London Underground zones.

Rents fell from £560 to £535 in Zone 1, £469 to £453 in Zone 2 and £395 to £375 in Zone 3-6.

The research also uncovered a drop in longer-term tenancies with 35% for two years or more last year, compared with 41% in 2015.

Sarah Tonkinson, private rental sector director for Foxtons, said: “We see the policies set out in the Housing White Paper as a positive start to increasing availability of affordable homes and improved lettings conditions for renters.

“The developing PRS will make a substantial net addition to London’s rental stock and provide much-needed long-term tenancies with emphasis on providing high-quality service and accommodation, in line with the new White Paper guidelines.”