A big council in London has called on letting agents to stop pitting tenants against one other in “exploitative” bidding wars within the borough.
Many landlords and lettings agents are prepared to use a shortage of rental properties to their advantage, viewers of the BBC’s Morning Live show were told.
Almost half of landlords have sold a property in the last year or plan to do so, according to the latest sobering industry survey.
NRLA chief executive Ben Beadle believes the impending ban on bidding wars could mean landlords will simply charge higher asking rents.
Labour party figures’ desire to end tenant bidding wars is unworkable in practice, while unenforced legislation would not lead to any real improvement, according to a top property lawyer.
