[How] is this even legal?

[Berberis]

Seems like pretty common practice. Guildhall

 

My issue is the price on Rightmove is not the price they are asking for. They want more. Its not like buying a house when you see "offers in the region of". You are given a Price per week/Price per Calendar Month.

 

Advertising one price but wanting more is not relevant to the Offer vs Invitation to Treat. Everyone has the right to offer more, but demanding everyone participates in a blind bidding system is contrary to the advertised price. This is why I see it as being misleading and so falls foul of the Unfair Trading Regulations.

 

I don't suspect the Landlord understand this, but I would have expected a large Estate Agency should have advised the landlord accordingly. However this does not mean they wont act as many do and try to get as much money as possible for both themselves (by way of a % fee per month) and their client.

 

---------- Post added 03-11-2015 at 11:46 ----------

 

Seems like pretty common practice. Guildhall

 

I have rented all my adult life and I have spoken to most of my friends and colleagues in relation to this question. None have experienced this kind of bidding process. Even the Estate Agent was surprised by it, so I cant see how bidding on a property to rent is common at all.

[SqueakyPete]

My issue is the price on Rightmove is not the price they are asking for. They want more. Its not like buying a house when you see "offers in the region of". You are given a Price per week/Price per Calendar Month.

 

Advertising one price but wanting more is not relevant to the Offer vs Invitation to Treat. Everyone has the right to offer more, but demanding everyone participates in a blind bidding system is contrary to the advertised price. This is why I see it as being misleading and so falls foul of the Unfair Trading Regulations.

 

I don't suspect the Landlord understand this, but I would have expected a large Estate Agency should have advised the landlord accordingly. However this does not mean they wont act as many do and try to get as much money as possible for both themselves (by way of a % fee per month) and their client.

 

---------- Post added 03-11-2015 at 11:46 ----------

 

 

I have rented all my adult life and I have spoken to most of my friends and colleagues in relation to this question. None have experienced this kind of bidding process. Even the Estate Agent was surprised by it, so I cant see how bidding on a property to rent is common at all.

 

I see what your saying,but I don't see how they can be doing anything illegal.All they are doing is asking all interested parties to "show their hand"(your not obliged to of course,and they are well aware of that fact too),I personally wouldn't play this kind of game with them.

I would give them the advertised offer,or if I really thought they were bluffing,even less:D.

They are probably just trying it on,cheeky salesman tend to make more money than honest ones:hihi:

Edited November 4, 2015 by SqueakyPete

[Vague_Boy]

Is there not any code of ethics which Estate agents adhere to?

 

You might as well ask if weasels have a code of ethics.

 

The housing/renting market can involve a lot of haggling. Sold prices for houses can differ quite a bit from the original asking price.

 

The advertised price is never truly fixed (even when the term "fixed price" is used). This is not like ordering a CD from Amazon or buying frozen peas from Tesco.

[ricgem2002]

Its not a rant, its a question, easily identified by the question mark at the end of the thread title

how did you get on by the way

[Penistone999]

If you want to know if private landlords have a code of ethics see Penistone999's posts on here.

 

Ethics dont pay the bills , hard cash does.

[Cyclone]

Which is why he's totally okay with someone burgling his house. It's not ethical, but people have got to pay the bills.

[Penistone999]

the private rented market in this country is spiraling out of control.. landlords charging £500 pcm for a 2 bed flat, when half a mile down road you can get a 3bed house for £450.. i know area does count allot but what you have these days is people buying 4bed houses... making it into 4 bedsits with shared facilities charging people (mainly the government) £90 per week per bedsit at nearly £1500 per month for what otherwise would be a £600 a month house. yeah thats "business" but its taking away from a family that could have needed the space. not everyone can afford to buy a house, and with the council not building more houses. those who cant afford to buy will be pushed towards these money grabbers

 

Why would anyone rent a property for £600 pcm when you can carve it up , turn it into a HMO and make £1500 pcm. ?

 

Makes financial sense to do the latter. A lot more landlords ( myself included) do this with their property nowadays because the returns are so good. I make no apologies for doing it because my properties are my business and the aim is to make as much money from them as possible.

Edited November 5, 2015 by Penistone999

[Berberis]

Ethics dont pay the bills , hard cash does.

 

Ethics along with morality build communities. What you advocate is destroying it, which in turn takes away your profit and leaves you unable to pay the bills. Your attitude is self serving and ultimately self defeating.

[Love2print]

You might find this useful.

 

The only get out I could see for the agent is that at the time of the advert the information was correct, the landlord was offering the property at the advertised price.

 

Although it is possible to amend adverts this can take time and in the case of a printed ad once it is printed it cannot be changed. So if it was correct at the time of printing then there is nothing you could do. Of course if the advert is online and has remained the same for some time it could be argued that it is misleading.