Chancellor is set to announce a ban on letting agent fees
Press release today from ARLA commenting on the news that the Chancellor is set to announce a ban on letting agent fees in today_s Autumn Statement.
David Cox, Managing Director, Association of Residential Letting Agents (ARLA), comments on news that the Chancellor is set to announce a ban on letting agent fees in today_s Autumn Statement:
_A ban on letting agent fees is a draconian measure, and will have a profoundly negative impact on the rental market. It will be the fourth assault on the sector in just over a year, and do little to help cash-poor renters save enough to get on the housing ladder. This decision is a crowd-pleaser, which will not help renters in the long- term. All of the implications need to be taken into account.
_Most letting agents do not profit from fees. Our research shows that the average fee charged by ARLA Licenced agents is 202 per tenant, which we think is fair, reasonable and far from exploitative for the service tenants receive.
_These costs enable agents to carry out various critical checks on tenants before letting a property. If fees are banned, these costs will be passed on to landlords, who will need to recoup the costs elsewhere, inevitably through higher rents. The banning of fees will end up hurting the most, the very people the government intends on helping the most”.
To read this and other press releases from ARLA click here
You May Also Enjoy
City house prices soar
Buyers return to housing market
How will tenants be affected by the incoming Renters’ Rights Act?
Gibraltar property values rise faster than UK
Homes with fewer photos priced £80,000 lower
