HAMMOND’S RENTAL BOOMERANG: INDUSTRY BODIES RESPOND TO BAN ON LETTING AGENT FEES
Commenting on the Autumn Statement, Richard Lambert, Chief Executive Officer at the National Landlords Association (NLA), said:
_The new Chancellor is clearly aware of the pressures facing those living in the private-rented sector, but in attempting to improve affordability he has shown that, like his predecessor, he lacks an understanding of how the whole sector works.
_There_s no doubt that some unscrupulous agents have got away with excessive fees and double-charging landlords and tenants for far too long.ÿ Banning letting agent fees will be welcomed by private tenants, at least in the short-term, because they won_t realise that it will boomerang back on them.
_Agents will have no other option than to shift the fees on to landlords, which many will argue is more appropriate, since the landlord employs the agent.ÿ But adding to landlords_ costs, on top of restricting their ability to deduct their business costs from their taxable income, will only push more towards increasing rents_.
Richard Price, Executive Director at the UK Association of Letting Agents (UKALA) said:
_Arbitrary bans sound appealing as a quick fix, but the problem of affordability in the private-rented cannot be addressed by preventing legitimate businesses from charging for their services.
_A ban on agent fees may prevent tenants from receiving a bill at the start of the tenancy, but the unavoidable outcome will be an increase in the proportion of costs which will be met by landlords, which in turn will be passed on to tenants through higher rents.
_UKALA agents strive to provide a premium service which represents excellent value for money and this ban will place in jeopardy hundreds of professional businesses in order to deal with the few unscrupulous_.
For further information, please contact:
Sam Haidar
PR Manager, NLA/ UKALA
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