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Welcome news for renters

Posted by Helena on 13/12/2016
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In the last Autumn Statement a few weeks back, we heard of some major news for renters and landlords in England and Wales. The Chancellor announced the government’s plans to help make private renting more affordable by banning letting fees.

The idea behind the change is that landlords are more able to “shop around” than a tenant and so has a more powerful position to avoid and force down uncompetitive charges.

Scotland already banned letting fees as far back as 2012, with mixed results. You should also thank Vicky Spratt’s campaign and Baroness Grender for their efforts in campaigning for this.

Once the ban comes into force, for tenants this means no more fees for credit checks, admin fees or holding deposits – saving them hundreds of pounds in some cases. All tenants will need when renting a property is the first month’s rent and deposit. Administration costs will continue to be met by the fees the landlord pays to agencies to let their home.

At RentSquare we think this is a positive step towards making renting simpler for tenants and for landlords who also don’t want their tenants to be overcharged.

The details of when this will come into force are not yet clear, so we’ll keep you updated when there is more news about when it will come into effect.

In the meantime, tell us about your experiences of letting fees. You can leave a comment or tweet us @therentsquare