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.
You May Also Enjoy
Rightmove’s Weekly Mortgage Rates Tracker
Data and commentary from Rightmove on stamp duty reforms
Second-time buyers dominate demand for longer term fixed mortgage deals
59% Increase in First Time Buyers in Summer 2025
