Facing high demand and low supply, there is often only 48 hours to strike a deal. With some hopefuls paying £50,000 upfront to secure a home
The cost of renting in London and many other parts of the country has soared over the past year, with a lack of available properties meaning tenants face tough competition to secure a home. Some feel they have little option but to pay thousands of pounds upfront – £50,000 isn’t unusual – or sign longer leases to beat other hopeful applicants.
According to the latest figures from the property website Zoopla, average rents in London have hit £1,978 a month – up 15.2% over the last 12 months – while Rightmove said annual rent inflation in the capital was running at 15.7%.
