Government Opens Up New Scheme To ‘Protect Renters And Landlords’

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.

https://www.24housing.co.uk/news/government-opens-up-new-scheme-to-protect-renters-and-landlords/