A Quarter Of Home-Buyers Forced Into Bidding War For Property

Nearly one in four home-buyers have entered into a bidding war to secure their chosen property, but those finding themselves in this situation are likely to end up losing out, a survey suggests. Some 23% of people who have bought, or are in the process of buying, a house have found themselves embroiled in a bidding war, with other buyers upping their offers as they compete over a property. But while 9% of Britons surveyed had entered a bidding war and won, a higher proportion of 14% entering a bidding war ended up seeing their desired home slip through their fingers as they found themselves out-bid. Read more on the AOL website.

It's War as Desperate Tenants Face Bidding for Properties

Desperate tenants face having to bid against each other to push the rent up in the latest sign of Britain's overheated property market. A new website, Auctionlets.com, goes live this month, pitching potential tenants directly against one another, while letting agents are turning to open days and "sealed bids" to achieve record rent levels. Landlords are busy signing up to auctionlets.com, which becomes fully operational later this month and boasts, in its advertising, that "due to the competitive nature of the bidding environment landlords can achieve the best possible price for their property". Tenants are checked by the site when registering, enabling landlords to be confident they will be able to pay the rent and deposit. Read more on the Guardian website.