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Shortage of homes to rent leads to tenant bidding wars

People hoping to find a property to rent are going to ever greater lengths to secure a home. As well as having to find ever bigger deposits, they are offering prospective landlords CVs for their children and photos of their well-behaved dogs. The shortage of available homes is pushing up monthly rents, deposits and leading to bidding wars. Industry body Propertymark says the number of rentals on the books of lettings agencies has fallen sharply. Propertymark surveyed over 440 letting agency businesses, spread across 4,000 branches UK-wide and found that on average, letting agents have seen the number of available rentals on their books halve, from over 30 to just 15. Last month, the annual rental survey from Rightmove found that asking rents are already at their highest ever level, and up 11% year-on-year to £1088 per month outside the capital. Meanwhile, Propertymark says that landlords are selling up, unhappy with increased costs and red tape. Others are switching from renting to offering holiday lets.

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