Tuesday, 29 November 2016

Don't Believe The Letting Agents: Banning Fees Is Good For Tenants

The government’s decision to ban letting fees to tenants is a victory for the country’s 11m renters, and common sense. It has also enabled the chancellor Philip Hammond to announce what is effectively a several-hundred-pound giveaway for “just about managing” households that, conveniently, doesn’t cost the government anything. One in three private renters move home each year, and upfront fees cost the typical two-adult household £400 when starting a tenancy. Tenants pick a property based on its rent and suitability: they have no say over which agent the landlord appoints to manage the tenancy. As a result agents have a captive market that they can charge whatever they like. This has resulted in fees for the same basic service ranging from £40 to nearly £800. Read more on the City Metric website.

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