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Richlist

Ban on Agents Letting Fees to go Ahead

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The ban on agents charging tenants/applicants lettings fees is to go ahead sometime later this year.

It needs parliamentary approval......but......it was in all of the main party manifestos so, there should be no dissent.

Life just gets better doesn't it ?

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So if agents don't charge tenants I assume they charge landlords, 

Maybe I'm missing something here. The gov't's don't lime LL's and prefer legislation to cause us to be more controlled and professional, with such as selective licencing, schemes to train and produce qualified LL's. While there are those fly by night agents in general a professional agency is easier to police than the hundreds of LL's on their books. This measure is more likely reduce the use of agents as a LL won't like the extra initial charge coming his way. I see this as being contradictory to the desires of any gov't to professionalise the industry, just more tinkering that'll cause more confusion within the industry.

Not that I expect it to have a great affect on me.

 

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I believe the political argument is as follows......In areas where this has already been introduced (either Scotland or Ireland) it revealed that there was no corresponding increase in rents.

I know it beggers belief cos i know my agent is definitely gonna pass the cost onto me and i will for sure pass it on to my tenants in increased rent.

Not a good time to be a tenant !!!!#

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With luck I'll get to improve my quality of T's in Wales. Often i've to lower my expectations as demand isn't healthy, that might improve as other LL's increase their admin charges.

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Apparently the average cost to a tenant is around £250 but can be up to £500. In London the agents fees are £1000+

Yes, I hadn't thought of that CoR.....those of you that don't use agents might get some benefit out of this one.

 

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5 hours ago, Richlist said:

I believe the political argument is as follows......In areas where this has already been introduced (either Scotland or Ireland) it revealed that there was no corresponding increase in rents.

That is a common fallacy there is a lot of information out there that contradicts that. As you say you will be increasing rents and I certainly will that in the long run will cost the tenants more than if the government left it alone.

You wait, quality of  service will drop in the industry there will be a reduction of rental stock, the big agents will start to eat up the smaller ones as the bigger ones will be able to swallow the drop in income due to quantity of numbers.

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Agreed Grampa, for slightly different reasons but similar I have reduced the attention I give to T's and have learnt to stay within the legislative requirements. Where as I used to enjoy giving good service before the gov't increasingly told me how to.

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