For many first time buyers getting onto the property ladder has become increasingly difficult due to a range of factors, including high deposit demands, high asking prices, and restrictions from lenders. This has led to the demand for rented property soaring, with many people trying to get their hands on the same property. This has led to the property rental market becoming more frantic than ever, leading to increased difficulties for those trying to rent a home.

It is claimed that the process of gazumping, which was once very common in the purchased property market, has now shifted to the property rental market, which means that would be tenants have a stressful and difficult time ahead of them when it comes to securing their ideal property. In a bid to try and get their hands on a rental home in the current market potential tenants are frantically trying to outbid one another with regards to the amount of rent they are willing to pay each month.

With rents already rising fast in many parts of the UK, this process is pushing up costs even further for many people that are hoping to rent, and many are losing the properties that they are interested in because they are being outbid by other tenants. Figures have also showed that properties are now taking around fifteen days to be snapped up after being marketed for rent, which is five days faster than they were taking a year ago.

One industry expert said: ‘Lack of mortgage funding and high house prices are locking many people out of buying. The knock-on effect is that rental demand has soared, with prices rising rapidly. In the past it was rare for gazumping to happen in the rental market, but in this sort of environment it is going to occur more.’