Property News · April 8, 2023

Bidding wars: inside the super-charged fight for rental properties


Facing high demand and low supply, there is often only 48 hours to strike a deal. With some hopefuls paying £50,000 upfront to secure a homeThe cost of renting in London and many other parts of the country has soared over the past year, with a lack of available properties meaning tenants face tough competition to secure a home. Some feel they have little option but to pay thousands of pounds upfront – £50,000 isn’t unusual – or sign longer leases to beat other hopeful applicants.According to the latest figures from the property website Zoopla, average rents in London have hit £1,978 a month – up 15.2% over the last 12 months – while Rightmove said annual rent inflation in the capital was running at 15.7%. Continue reading…

Source : theguardian.com
Read more…Bidding wars: inside the super-charged fight for rental properties

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