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18% Rise in Rental Prices Causes Bidding War

London house hunters are being drawn in to bidding wars on rental properties as a result of an 18% increase over the past 12 months. A shortage of one bedroom flats and good quality instructions means that some properties are being let within hours.

These staggering findings have been revealed by Hamptons International, who go on to say that severely low stock levels in London combined with increasing numbers of prospective tenants coming to the market has pushed prices sky-high, forcing many desperate would-be tenants into a bidding war.

In an attempt to seal a deal, many tenants are moving swiftly, bypassing a second viewing and increasing original offers well over the asking price.

Regional Lettings Director for Hamptons, Lesley Cairns, concluded:

As house prices rise, so do the rental  prices, encouraging more and more people to renew their existing contracts. Statistics from the last month suggest that there has never been a better time to let a property.

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Posted by on March 26, 2007 04:17 PM |

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