Is it time for Letting Agents to be Regulated?

RICS report that regulation of the industry would bring economic benefit

Currently, the Lettings sector remains exempt from compulsory legislation.  Thus, anyone may proceed to operate as a Letting Agent without any accreditation, minimum standards or checks.  This could leave both tenants and landlords subject to poor or dishonest dealings.

RICS is campaigning to introduce regulation in the sector, similar to that of the ‘selling’ agents, and has conducted research which it suggests shows that most people are in favour of this.  Furthermore, RICS suggest that whilst costly to initially implement such a scheme (£45 million), it calculates that the economy could benefit by around £20 million per annum.

It appears that Government is backing the introduction of such legislation, with both Labour and the Liberal Democrats making it a manifesto pledge for 2015.

Letting Agents may be a voluntary member of a professional organisation and consumers should get some confidence from this.

Source: RICS