RENT SMART WALES LICENCE FEES SLASHED FOR AGENTS.

Rent Smart Wales has revised the cost of a licence for letting and management agents following concerns from UKALA that the proposed fee would have a detrimental impact on standards and professionalism in the private rented sector.

UKALA raised concerns that the proposed fee of £3,728 for a 5 year licence was too expensive and that it could force many small-to-medium-sized agents to forfeit their membership of a trade body, which already assist in improving standards and professionalism within the sector.

UKALA advocated for a graduated licencing fee structure based on the size of the agent’s business, as well as reduced fees for agents who already belong to a trade body.

The new fees, which will take effect from the 25th April 2016, will mean that agents with between 100-500 properties will see a fee reduction of almost £1000.  The full set of fees can be viewed on the Rent Smart Wales website https://www.rentsmart.gov.wales/en/faqs/#15

Richard Price, Executive Director of UKALA, said:

“We felt that the initial proposed fee was too high for the majority of agents to absorb, and that there was a real danger that it would lead to a significant decline in membership of reputable bodies like UKALA and consequently standards.

“If the licence fee is too high then many agents would have to end their membership simply in order to comply with the law, which is completely against the spirit of this legislation.

“We’re delighted that Rent Smart Wales has been so receptive in listening to  our proposals for graduated licence fees – demonstrating that government and industry can work together effectively.. It means that most UKALA members and many other agents will see a significant reduction in cost of obtaining a license as a result of our efforts”.

Breaking News Post shared by: Sam Haidar, PR Manager, UKALA.

Christopher Walkey

Founder of Estate Agent Networking. Internationally invited speaker on how to build online target audiences using Social Media. Writes about UK property prices, housing, politics and affordable homes.

You May Also Enjoy

Estate Agent Talk

How Local Market Trends Affect Your Home’s Selling Price

Introduction When planning to sell your home, understanding local market trends is crucial. Whether you’re working with estate agents in Selby or estate agents in Leeds, these professionals emphasize the importance of market dynamics on your home’s selling price. Local factors such as supply and demand, interest rates, and economic conditions influence property values. These…
Read More
Breaking News

The biggest Halloween rent hikes

Revealed – Where tenants have been haunted by the biggest Halloween rent hikes The latest market analysis from London lettings and estate agent, Benham and Reeves, has revealed which areas of the rental market are haunting tenants this Halloween, having seen the largest increase in the average monthly cost of renting since this time last…
Read More
Breaking News

The UK’s anti-social behaviour hotspots revealed as Halloween looms

As Halloween looms, the latest research by over-50s property specialist, Regency Living, has revealed the nation’s most anti-social postcodes, based on the proportion of crime related to anti-social behaviour (ASB), with Ealing, Fylde, Westminster, West Lancashire and Chorley topping the table. Halloween may be a time for good-natured spooky fun, but for some, the fright…
Read More
Home and Living

77% of homeowners against Halloween

The latest research from eXp UK has revealed that while Halloween may be growing in popularity across the UK, many homeowners are planning to use smart home technology to avoid the endless stream of trick-or-treaters knocking at their doors this Friday. The survey of UK homeowners, commissioned by eXp UK, found that more than three…
Read More
Letting Agent Talk

What Leaseholder Reform Really Means for Managing Agents

By Robert Poole, Director – Block Management, Glide Property Management, part of LRG The past decade has seen a growing focus on leaseholder rights, and in the last few years, that focus has intensified into full-scale reform. With the Leasehold and Freehold Reform Act 2024 now enacted and further measures under consultation, managing agents are…
Read More
Breaking News

Mortgage approvals bounce back in September

The property industry’s reaction to the latest mortgage approval data from the Bank of England. The latest figures show that: – Mortgage approvals on house purchases for September sat at 65,944 up (+1.5%) from 64,963 in August. Approvals are up slightly (+0.5%) when compared to the 65,628 seen in September 2024. This increase shows stability…
Read More