Letting agents London wide are confirming that a rising quantity of tenants are struggling to meet the income specifications and not passing credit checks for lettings London.

Up to one in five potential tenants are failing credit checks; four years ago it actually was one in twenty. 50 % of those which fail choose to pay a year’s rent upfront in order to secure a property.

Tenants who will find the money for the monthly rent have found that they are failing credit checks thanks to their employment status. City employees are normally working in rolling six month contracts which credit businesses won’t accept and bonuses also are not taken into consideration.

“Cash rich” tenants who have savings will also be struggling as the credit checks request that a tenant is earning thirty times the monthly rent, so even if they have got the available funds they may find themselves failing the checks.

London letting agents are hoping to work with tenants and also landlords to help them find a solution which fits both parties, including paying a greater deposit or providing a guarantor.