According to a survey by the BBC’s Victoria Derbyshire show, showed most people want the lettings market to be regulated. 76% of those surveyed believe the lettings industry should see stronger regulation. This would furthermore include controls over letting agent fees, tenancy lengths, inventory checks and deposits. With this 74% want to see rent controls over the private sector.
It is a common issue for many people to struggle finding the money needed to rent a property. This includes rent in advance, deposits and administration fees, due to the lack of spare money or savings.
The chairman of the Landlords Residential Association, Alan Ward told the BBC, rent controls might seem a good idea and “attractive”, but be a “disaster”. He expressed that rent controls from experience show landlord quitting the market or cutting investment. He stated that the problem is not lack of regulation but enforcement of existing ones. Local Authorities should be concentrating on exposing those criminal landlords.
The cost of renting is rising monthly due to landlords suffering more costs. This is continuing to spiral with tax changes, and other factors, therefore discouraging new landlords.
Renters Rights Bill
One of these factors is the Renters Rights Bill. This is to see the government abolish tenant’s fees. This will stop agents charging, administration fees, inventory fees, tenancy renewal fees and fees for registering.
A change to the Landlord and Tenant Act 1985 would see the Renters Rights Bill is introduced. The Liberal Democrat Peer Baroness Grender wants an all-out ban on fees charged to prospective tenants or applicants.
The fall-out from this bill will see agents charge higher fees to landlords and a lot of unrest in the landlord community.
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