A recent report published by the communities and Local Government (CLG) Select Committee has voiced the need for regulation for lettings agents.
The report published last month proposes that the Office of Fair Trading (OFT) be given powers to ban rogue letting agents in the same way that they currently do estate agents and enforce compulsory professional indemnity insurance and Client Money Protection.
This view has been welcomed by the Association of Residential Lettings Agents (ARLA), the National Approved Letting Scheme (NALS) and Which?. As a member of ARLA, Intercounty welcomes the proposals outlined in the report and Richard Durrant, Lettings Director at Intercounty adds “We welcome any new regulation that helps strengthen our industry and make it more professional as we still see many landlords and tenants ending up in tricky situations when they do not use an ARLA regulated agent.”
The proposal forwarded by the CLG also defines a code of practice requiring all lettings agents to join an ombudsman scheme. In turn agents would have to publish a complete breakdown of fees that a tenant is likely to incur when using their services and ensure that tenants’ are aware of this before they go to view a property.