Episode details

Radio London,2 mins
London renting: How bidding wars are driving up prices
Available for over a year
Would you pay more than the asking price to rent a flat with mushrooms growing out of the bathroom walls? That was the situation Chris Sayers found himself in when he was hunting for a place to live in London. He'd gone to view the apartment, in a "brand new, high-rise complex", and the letting agent told him that he'd have to stump up at least £100 a month more than the advertised rent to be in with a chance of securing the property. Chris, originally from Wales, had never heard of bidding wars before moving to London, but was involved in two when looking for a place to rent in the capital. A survey by charity Shelter found more than half a million private renters in England missed out on a place in the last five years because someone else offered more money. And according to figures from Rightmove for the Âé¶¹Éç, letting agents get about 25 requests to see each available property. Before the pandemic, it was six. So why is this happening? And what's the impact - both on the market, and tenants? Âé¶¹Éç Newsbeat's Polly Bayfield has the story. (Image credit: Getty Images)
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