LONDON – Finding a rental property in London can feel like an impossible quest, with prices surging as demand vastly outpaces the number of available units.
The result: More than seven people are actively looking for every one property listed, SpareRoom data show, resulting in bidding wars and exorbitant landlord demands. Those who are lucky enough to find a flat will have to pay up: Average rents jumped 16 per cent in October from a year earlier to £2,420 per month, according to Rightmove.
It was a tough search. Ms Oppenheim would offer £200 extra on monthly rent and get outbid by people offering £500. Sometimes she was asked to submit a cover letter. She would compete with about 30 people at open houses and try to make jokes to “charm” the landlord. Her choices were slim: One flat she saw had a bed in the kitchen. Another had a toilet that doubled as a study room.One of the main drivers of the tight rental market is surging mortgage rates, which hit a 14-year high of 6.
“Prices are outrageous in London right now,” she said. “We’re spending a lot more on rent and have little left of our disposable incomes.”London still world’s biggest forex trading hub but grip slipping as S’pore, US snare market share “Within a few hours of a property going live, we are receiving dozens of enquiries, which, when compared to the pre-Covid market, is extreme,” he said.For prospective renters like Mr Zuhaili Asy-Syakur Marican, rising competition and prices mean learning to be patient.