London rental market descends into Wild West of bidding wars

Massive price jumps

Mr Tsuman noted a three-bedroom house in Finchley, north London, that was previously let for £2,750 per month. “We put it on for £2,900. We had five offers after the first day of viewings and the highest was 24pc above asking.”

“I have been doing this job for 18 years and I have never experienced anything like this. It is insanity,” added Mr Sloggett-Taylor.

Family homes have been worst affected, said Mr Tsuman. “If you search for a four-bedroom house in Muswell Hill right now, there are three. If you want a three-bedroom house, there are zero.”

Barking and Dagenham, in east London, recorded the strongest rental price growth, with values climbing 12.3pc year-on-year in November to £1,318 per month, according to property website Zoopla. In Barnet in north London, the jump was 11.3pc.

The national picture

The capital is part of a wider picture of soaring rents and high demand. Nationally, competition between tenants for properties nearly doubled compared to this time last year, according to Rightmove. The number of available properties fell by 51pc.

Outside London, asking rents have increased at the fastest rate on record, jumping 9.9pc year-on-year to £1,068 per month.

Rental growth is outpacing house price growth in every region except the East Midlands, the South West and the South East.

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