10
Dec
New report calls on government to regulate all letting agents
A report by the Resolution Foundation published this week called
Renting in the Dark highlights some of their observations in the UK
rental market. In summary, it says tenants are being let down by an
unregulated lettings market, with significant upfront costs,
variable fees and a lack of transparency around charges.
In a mystery shopping exercise of letting agents in three
cities, the range and type of fees charged varied significantly;
for example, administrative fees ranged from £95 to
£375.
Unlike estate agents, letting agents are unregulated and under
no compulsion to hold membership of an ombudsman service, leaving
dissatisfied tenants with no access to redress. The Resolution
Foundation is calling for greater regulation to improve
transparency and create a more competitive market.
The report’s call is backed by the Property Ombudsman.
ARLA responded by saying all members of the public should use an
ARLA licensed agent.
Oaktree (West London) Limited, being a licensed member of the
ARLA and of the Property Ombudsman supports the views.