Could the Regulation of Letting Agents be just around the corner?

07 September 2012 Categories: News

Could the Regulation of Letting Agents be just around the corner?

Over the last few years various campaigning groups have called for letting agents to be regulated in the same way as their estate agent brothers are, but a recent countrywide survey conducted by housing charity, Shelter, has shown the extent of the problem from a landlord’s point of view.

The survey, which was completed by nearly 22million landlords and potential landlords (those that had looked into the possibility of renting out their property), asked primarily about the fees charged by letting agents, and it seems that over half of those who partook in the survey admitted to being shocked by the fees charged as part of the renting process and thought they were highly disproportionate to the level of work actually completed by the letting agent.

As a result of the recent survey, Shelter is considering extending the investigation to encompass tenant experiences as well, so that the problem of overinflated fees can be looked at from both sides.

As to whether the current survey results or the results that will come from the proposed extended investigation will have the desired effect remains to be seen, but with over 11million respondents expressing their unhappiness surely something needs to be done soon.