Lynn Hilton, Partner for Residential Lettings at property consultants Cluttons, said:
"The days of simply providing ID and proof of income in order to secure the rental property of your choice are fast disappearing in central London. Competition is fierce for high quality rental properties and applicants are now discovering there is a pecking order in the queue. In some cases tenants are being required to pay eight weeks’ rent as a deposit to allay the landlord’s concerns over redundancy.
"We are also seeing a sharp increase in gazumping in the lettings market, as well as a rise in tenants making best and final offers, as they compete for properties. This can result in agreed rents in the region of 5-10% higher than the asking price. London’s landlords are enjoying the most favourable market they’ve seen in years."
Cluttons recommends that tenants ensure they have sound employment references in place before making an offer on a rental property.
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