Housing Minister Heather Wheeler MP has brought forward
new legislation to strengthen protections for money held by property agents. Under
the new regulations taking effect from 1 April, all property agents in the
private rented sector will be required to join a government-approved scheme to
protect their clients’ money while it is in their possession – with fines of up
to £30,000 if they fail to do so. In 2017, an estimated £2.7 bn in client funds
– such as tenants’ deposits and landlords’ rental payments – was being held by
letting agents. Read more on 24housing.
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