03 November, 2017
A new draft bill was introduced to Parliament on Wednesday 1st November to ban letting fees.
The new draft Tenant Fees Bill establishes the government’s method in banning letting fees for tenants, therefore bringing an end to expensive upfront payments and helping millions of renters, with more than 9 out of 10 tenants backing the ban.
Many tenants are often left unsure on the amount of letting fees that they will need to pay, usually because it’s not clearly explained by the agent. This leaves a lot of people confused and oblivious as to what the true cost of renting a property is.
The recent bill will stop agent’s double charging tenants and landlords for the same services, consequently creating a more honest and affordable private rental market.
The government also launched a consultation requiring all letting and managing agents that handle client money to join a client money protection scheme. Tenants and landlords can feel completely confident knowing that all money left with their agents will be safe and compensated for, if all or part is not repaid.
This government is determined to ensure that the housing market works for everyone, and as part of this, has already announced laws which allow councils to enforce fines of up to £30,000 for a wide range of housing offences.
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