Have I undervalued the flat? 28 responses, 1 holding deposit in 18 hours

I’ve never received a holding deposit for the flat sight-unseen before. I’ve also never received so many enquiries so quickly and so far before it becomes available (24th October), the enquiries usually come a few days before.
I prefer to vet applicants face to face, but won’t be back in the UK until next week to check out the current tenants.
I have 10 confirmed viewings from applicants who’ve passed my and OR’s screenings, and seem genuine in our conversations.
I’ve been a Landlord since 2006, with the flat consistently occupied (it is my home on the edge of zone 1, London) so I am wise to scammers and time-wasters.
Is the market currently strong for landlords and have I under-priced it? If so, should I increase the advertised price (is it even ethical)?
I’m tempted to just accept the deposit and stop fretting, but am I missing something?

Are you priced close to what similar flats are letting for in same area?

Only way to see if it’s under/over valued is research?
My agent put my 3bed in Bristol on at 5.45pm on Friday and by 6.10 had 37 potentials and in the end he switched his phone off.
Out of the 37 6 put offers in by 9am on the Saturday without physically seeing inside .
It a crazy weird market at moment, use your knowledge and do the research and if a tenant looks too good then find someone else or do face to face interviews

Thanks. Yes, I did all the research before posting the ad, we’ve increased the rent in line with other properties locally. There aren’t many flats available in our area, so maybe that’s the reason it’s seeing more interest.
After two decades listing this flat, I can say that 10 appointments in less than 24 hours is very much higher than normal for us, but it looks like it’s pretty normal for others!
I think what I’m most confused by is having anyone pay the holding deposit without viewing the flat.
I’m in conversation with the applicant to determine if they are right for us. As I say in the original post, no chance of vetting face to face until we’re back in the country next week. Perhaps we’ll ask them to hold off until we’ve met and they’ve seen the flat.
In the meantime, we will leave the ad up and carry on making appointments.

Market is very hot right now everywhere.
Personally I see no point in taking deposits before meeting tenant, but that in itself is a sign of how desperate people really are.

Imagine how it will be if more landlords leave the market if the new insane lettings proposals are introduced next year!


Thanks for the useful reply. Good to know, my gut reaction is not to accept the deposit until they’ve seen the flat.
What are the “new insane lettings proposals”?! Can you point me to a link…

As well as the banning of section 21…

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Its in large part due to a reported 40% reduction in PRS properties.


Several points here.
Pricing - the only way you can know what the market rent of a property is at the moment is to invite offers and then be very strict in your affordability checks. Round here rents have gone up by 50% in the last year.
Holding deposits are a nightmare. Please read this article in the Open Rent blog. Note the paragraph: ’ Landlords are only able to hold the holding deposit for 15 days unless another ‘deadline’ date is agreed in writing.

I have always returned immediately any holding deposits which come in via Open Rent prior to me offering the property to an applicant. They don’t prove a thing. In today’s market where every vacant unit attracts multiple well-qualified applicants they are unnecessary until you offer the property to someone.
Interview - Are you saying you are thinking of letting without having a face-to-face interview with the applicant of your choice? Wow! In civil service jargon you are being very “brave”.

Soon to be somewhere between 50% and 60% in my judgement. Everyone I know is getting out as fast as they can. I’m trying to sell our last remaining B2Ls to the tenants - not going well unfortunately. I tried to find out about shared ownership but got nowhere - I know how it can be done but I can’t find anyone who has actually done it.

EDIT - I’ve just realised the supply may not reduce quite so drastically because if the property market as a whole freezes while everyone adjusts to higher interest rates and fewer mortgage offers then there may be some “reluctant landlords” entering the B2L market because they can’t sell at anything like the price they were expecting. What do you think?


The Govt makes it so difficult for LL that the nett result will be fewer properties with higher rents, why dont they realise the perfect storm they are creating. Is it a requirement to be a politician that you have to leave your brains at home


Market is strong if its 100/200 lower , you may find someone who’ll say longer! and look after it .!

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