More regulation needed in lettings market, expert claims

News Category: Legal

Greater regulation needs to be introduced to the lettings market in order to ensure everyone is behaving "professionally and ethically".

This is according to spokesman for the Tenancy Deposit Scheme Malcolm Harrison, who explained how this is particularly important due to the "fast expanding rental market and fast declining sales market".

He noted the most important thing to monitor is the "safety of client's money", as without checks some agents can be tempted to think of the cash as "their money".

Mr Harrison commented the initiative need not feature "heavy regulations", but a system of checks is important.

It was suggested that administrative charges are another area where letting agents need to ensure they are transparent, with both tenants and landlords needing to be aware of terms and conditions.

The Resolution Foundation recently claimed many renters are being let down by an unregulated lettings market, as they face variable fees, significant upfront costs and hidden costs.

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