Bidding Wars 2010
August 23rd, 2010 |
Let’s try and keep it civil, fellow tenantistas!
Estate agents are saying that the situation on the London rental market has gotten out of hand once again, reports Estate Agent Today.
Benham & Reeves says that there is a 34.7% rise in new tenant registrations since this time a year ago in the area while the availability of properties is 14% down.
WA Ellis Partner Lucy Morton says: “Bidding wars have become the norm again. Properties newly launched on to the market are being viewed and secured within hours of coming on. Last Wednesday we showed a two-bedroom property on Kings Road with five other prospective tenants viewing it at the same time. Our letting was agreed within ten minutes of the viewing, the holding deposit was paid by credit card and five minutes later the landlord received other offers.”
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