'Surge in applications' for flats to rent in London
People looking for a flat to rent in London may be advised to try and find one sooner rather than later as demand for properties continues to increase.
Writing for the London Evening Standard, Jonathan Prynn noted some landlords are now taking sealed bids from potential tenants due to high demand for accommodation.
Stephen Ludlow, director of the Ludlow Thompson lettings agency, told the newspaper: "The exceptional demand for rental properties which we saw earlier in the summer is showing no signs of slowing down."
He added that the rental market is now more competitive than it was a month ago.
The situation is being driven by the lack of 100 per cent loan-to-value mortgages, a large number of students looking for rented accommodation and a revival in the city, Mr Prynn observed.
Last week, founder and director of LettingZone Mark Garner stated that landlords could benefit by declining to increase rent on their properties in order to prevent their current tenants from leaving, as this would lead to unnecessary costs.
Published 8th November, 2010
© 2010 Estates IT Limited
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Factors such as the revival of the city have led to an increase in people looking to take up tenancies in the capital, it has been observed.