Agents making special offers to students to clear glu...

Letting agents are reported to be making special offers to students in one of the biggest UK university cities.

Durham’s student newspaper - Palatinate - says that in October 2023 the most common price bracket was £180-£199 per week; however by this month the most common pricing bracket for the same category of housing was £160-£179.

It says: “The last months have also seen agencies such as Loc8me and JW Wood reducing the prices of their properties or offering special offers if students sign fast.”

These offers include free Netflix and Deliveroo Gold membership, or free fast food, or cash back, as well as reduced weekly rent.

Palatinate also claims that one private landlord advertising on Facebook dropped the asking rent of his property £202 pppw in October, to £170 pppw, and then again to £154 pppw.

The student paper says some groups of students have been seeking advice from pro-tenant organisations as to how best to take advantage of agents and time their offers for properties.

The JW Wood agency tells the paper: “Our pricing reflects current market rates and we have let over 80 per cent of our student portfolio. We understand that last year the University was oversubscribed, which caused increased pressure to secure properties quickly.

“We have also been made aware that the University and Student Union have both been advising first-year students to wait until the end of January before making a decision. These both will have had an effect on the rate of property applications.”