Further pressure for rental regulation...this time, from RICS

Graham_Devon

A clampdown on the lettings sector is needed to stop rogue agents turning it into "the property industry's Wild West", the Royal Institution of Chartered Surveyors (RICS) warned today.

RICS said its research highlights the risks of unscrupulous lettings agents cashing in on the rental boom amid "a total lack of effective regulation".

Two thirds of more than 1,000 people who have rented a home in the last two years in England said they did not receive an inventory when they moved into their property, which RICS said showed the "worryingly low standards" tenants have come to expect.

Demand in the rental sector has rocketed as people have been unable to buy their own home, either because they cannot raise the deposit needed or meet lenders' toughened borrowing criteria in the difficult economy, which has pushed up the cost of renting.

RICS warned that it is currently possible for people to set up a lettings agency without appropriate qualifications, knowledge or understanding of the rental process and it is not compulsory for them to conform to codes of conduct.

How long can it go on ignored? As stated before, the more people that turn to renting, the more pressure there will be to properly regulate the whole sector.

Question for me would be, why do landlords choose these letting agents?

http://www.telegraph.co.uk/finance/personalfinance/borrowing/mortgages/9695380/Crackdown-on-rogue-landlords.html

GeorgeHowell

Graham_Devon wrote: »

How long can it go on ignored? As stated before, the more people that turn to renting, the more pressure there will be to properly regulate the whole sector.

Question for me would be, why do landlords choose these letting agents?

http://www.telegraph.co.uk/finance/personalfinance/borrowing/mortgages/9695380/Crackdown-on-rogue-landlords.html

There are certainly things that need dealing with. But if is extended to rent or security of tenancy controls then it would kill the rented sector stone dead again. (I speak as neither a tenant nor a landlord so don't have an axe to grind).

CLAPTON

surely some of these short comings are illegal already so why is there no enforcement?

introducting new rules seems irrelevant

Graham_Devon

CLAPTON wrote: »

surely some of these short comings are illegal already so why is there no enforcement?

It's not illegal if theres no regulation.

CLAPTON

Graham_Devon wrote: »

It's not illegal if theres no regulation.

I'm unclear what you are saying.

There are some regulations but they do not seem to be enforced.

Callie22

CLAPTON wrote: »

surely some of these short comings are illegal already so why is there no enforcement?

introducting new rules seems irrelevant

Most of the time tenants don't complain because there's no-one effective to complain to. Equally you have to weight up your need to live in a property relatively hassle-free against your desire for justice.

PasturesNew

You need a roof over your head; agents are sly, impossible to arrange viewings with, they know nothing of the property (can't answer questions) .... but you need somewhere to live, within and to a very strict timescale and with very limited funds.... once you've found somewhere that's just about habitable (by the light of those low energy lightbulbs) ... you're kind of over a barrel them. And only then do all the rafts of fees start slipping into the conversation.

I'm about to move into a very dated, inadequate, place ..... and having not had any of my initial questions answered (from over 4 weeks ago), I now look forward to the pleasure of having to fork out what's nearly two months' takehome pay just for the privilege of getting my hands on the keys.... I hope it's not worse than I remember!

Even the fees, amount, what it's for ... kept changing and changed again on the paperwork .... they don't even give you a sheet with the information on. And I've not had sight of the AST as I won't get to see that until I am sitting in their office, with my stuff in the car park over the road, signing my life away ....

If I'd dithered, I ran the risk of losing it .... I didn't have the luxury of 'choice' or time..... and I knew I was dealing with uncaring, ill-informed crooks in suits.

But I had to suck it up to get a roof over my head.

And maybe .... the Govt don't care ... as I handed over a LOT of VAT on those stiff charges too!!!

(Oh ... and for anybody stalking me... yes, I KNOW it's nearly my 10th address this year....)

grizzly1911

Maybe RICS has a vested interest in trying to get these guys regulated?

I didn't think estate agent were regulated either.

As these chaps are handling deposits and rent etc don't they have to follow some guidelines to ensure it doesn't get mixed up with their cash flow?

I do have an interest in some property, the agents are part of a properly qualified multi discipline agency/valuers/surveyors and it does make me wonder what they do to earn their fee.

drc

I wrote to my MP about this and she responded that apparently there is now a lot of political pressure to do something as this issue is becoming a very big issue for many London MPs constituents and there have been a lot of very heated discussions at the London Assembly about bringing in a variety of regulations to the private rented sector (in London at least). As you say, I think it is just a matter of time...

moneyinmypocket

The rental prices are fine what should be regulated is supplying a home that's warm, clean, safe etc

nollag2006

CLAPTON wrote: »

I'm unclear what you are saying.

There are some regulations but they do not seem to be enforced.

Devon doesnt understand your point.

He's not the sharpest.

Dont forget this is the same genius who was on here recently, expounding his / her view that VAT on rentals would be a great way to keep rents down