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Bidding wars in Prime London lettings

"We believe that the increase was because people were rushing to secure lettings before the opening ceremony. Some savvy tenants are now looking to secure a property whilst the Olympics are on, believing that there is less competition in the market place.

“This may be true in some cases, but not in the family homes market – we have seen bidding wars due to the ongoing shortage of good family homes to rent.  A five bedroom property in Knightsbridge attracted competitive bidding from three parties in its first day of coming on to the market and has been let close to its asking price of £2,950 per week.  We also saw competitive bidding on a two bedroom flat in Cadogan Square, as well as on a four bedroom flat in Pont Street.

“The relocation agents are still keeping busy with their enquiries at the mid to upper levels of the market, whilst the majority of internet enquiries are for one and two bedroom apartments as students start to dominate the summer season.  August is traditionally a busy month for lettings as students and families secure their properties for the start of the academic year.  We strongly believe that the last two weeks, post Games, will be exceptionally busy.”

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