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November 23, 2016

Scrapping letting agents’ fees at odds with government goals?

In the Autumn Statement today the Chancellor announced a ban on letting agency fees to be implemented “as soon as possible.” Ian Thomas, LendInvest co-founder & CIO, said:

“Scrapping letting agency fees is surely at odds with the government’s goal to promoting a healthy rental market. Landlords will be squeezed from yet another angle, while many tenants will eventually foot the bill.
Letting agents should be expected to account for the fees they charge, not pass the cost of the work they do to landlords.
The government cannot drive forward its strategy for productivity if it doesn’t create a mixed-tenure property market that’s truly fit for purpose. Until we fix the housing crisis, nurturing a healthy rental market is as important as helping more people to own their own homes.”