An online lettings platform is warning that some landlords are being give “too good to be true" promises of rent increases by letting agents keen to win their instructions.
The platform - Hello Neighbour - says: “There appears to be a common practice of over-inflating a rental price at the point of initial listing, presumably to win a landlord's business.
“Often a few days after a property has begun being marketed, the rental price is then reduced. Areas with the highest drops in price are in central London, South West London and North West London.”
The platform says that according to its data, there is on average 15 per cent drop from the initial listed compared to what is actually agreed as the rental price by the tenant.
"We hear this time and again from landlords that have switched to Hello Neighbour from high street agencies. Tip: make sure your advertised rent is supported by a wide range of data and that your agent can access and process today's huge tenant demand quickly.”
The platform says its claims are based on over 10,000 tenant enquiries; nearly 200 properties it onboards each month; and the 1,200 properties it already lets and manages.
Hello Neighbour operates across Greater London, Brighton and Oxford; it’s shortly opening in Birmingham as well.
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Is this a new practice I think not just look at the history of house sales especially when stock is in short demand.
No, this is an advertisement for Hello Neighbour. No doubt they are another “game changer”.
If they want a real laugh they should look at some of the rents private landlords are asking on OpenRent! Saw one yesterday worth £2k on the market at £3k- litany of properties worth £225 listed at £2750-3k. Bonkers.
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