Estate Agent Today reports that the rental property shortage and fierce competition in London is causing unprecedented bidding wars! Tenants are fighting it out for the few available properties with sealed bids being the order of the day. The property then being awarded to the highest bidder!
They say that what happens in London quickly spreads to the rest of the country, but we’re not sure that this latest story is really in the best interests of either landlords or tenants.
It obviously means that landlords can secure the highest rents possible for their properties, but it would be interesting to know if they get a better class of tenant by doing so…