Letting agents are in the news again, with a group of MPs urging for them to be “subject to tighter regulations”.
The Communities and Local Government Committee has issued a report which highlights concerns about unclear or misleading fees and charges, particularly those that are added on after tenants have signed contracts.
We’re also tackling concerns about this sector by taking action to require letting agents to be upfront in their ads about the fees they charge. This will mean prospective tenants can make an informed choice, are not misled and ultimately not left out of pocket. Earlier this year we published a landmark ruling that requires all letting agents to include all compulsory fees and charges upfront in the price quoted.
This is a big change for the sector, so now that we’ve set the new standard we are working to make sure all operators in the sector follow our ruling. It’s an on-going process and we’re co-ordinating with the Office of Fair Trading so that letting agents fully understand the requirements of the Ad Codes. As part of that, our colleagues in CAP are working on new guidance due to be published this autumn. In the meantime, we’ll continue to respond to consumer concerns about misleading ads and take action to have those that break the rules withdrawn.