25 applicants for every London rental property
- 11th October 2011
- Renting Property News
Fierce competition for rental properties means flat hunters must be ready with a holding deposit.
ludlowthompson saw record demand for rental properties in September, with the highest ever number of applicants for each property on the market. The high demand means a lot of increased pressure for tenants who are looking to rent.
Stephen Ludlow, Chairman of ludlowthompson, comments: “London does not have enough private rental properties to come close to meeting the huge demand that is out there.
"The chronic shortage in properties is being driven by the inability of first time buyers to afford the deposit requirements lenders are making.
“It is making renting a property in London expensive and stressful for tenants.”
- Communication is key: Prepare yourselves by communicating your requirements clearly to your estate agent so that you do not waste time looking at unsuitable properties.
- Have your deposit ready: Make sure that you have the full deposit ready so that you can react swiftly once you find the right property.
- Compromise: Know what you will accept and what you cannot, so that if you want to make an instant decision it will be much easier.
- Checklist: Does the property tick all the essentials? If so, go for it. Don't assume your letting agent is pushing you because he wants to secure a deal.
- Position to proceed: Just as home sellers will look at home buyers’ ability to proceed as well as the property offer price, a landlord will also do the same. A tenant with good references and a deposit at the ready is much more likely to have an offer accepted.
- Know the market: The letting agent is appointed by the landlord and will act on their instructions. Work with your letting agent to give him the best chance of the landlord choosing you. Be ready with everything the letting agent needs. If you are not successful, work with your letting agent to find another property.
London does not have enough private rental properties to come close to meeting the huge demand that is out there.
FREE & INSTANT PROPERTY VALUATION
IN JUST 60 SECONDS