18 Jul

Better Regulation to come for the Rented Sector.

The Communities and Local Government Committee - First Report into The Private Rented Sector has reinforced the reputable side of the industries view that better more efficient regulation is required. For too long a range of “cowboy” outfits operating in the lettings sector have operated at will with many ripping off Landlords and Tenants alike. The Royal Instruction of Chartered Surveyors, The Association of Residential Letting Agents, NALS and many others have campaigned long and lobbied government hard to introduce a regulatory framework. Up to now, membership of any regulatory body has been entirely voluntary. Peter Bolton King of the RICS said in the latest press release “Government must look as a matter of urgency to introduce simpler and more targeted regulation as well, centered on statutory minimum professional standards and consistent, effective enforcement. All three of these elements – standards, enforcement and redress – are needed to protect the consumer throughout the transaction.” Vast sums of money are currently transacted through unregulated agents making it an open door for misappropriation, fraud and money laundering. We look forward to effective regulation sooner rather than later.

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