Government sets a ban on letting agent fees
The UK Government is imposing a ban on unfair letting agent fees. This is to stop people from falling into the trap of hidden costs, and stops agents from exploiting their role between renters and landlords.
In the past 30 years, there has been an increase in rent and buying houses since the 80s. The chart below starts at just under £50,000, and in some years this has spiked up to above £300,000.
Infographic: Tooba Haq
We spoke to some students living in London about their experience with hidden costs and estate agents. Fay Cross, who has been hit with hidden agent fees. “We signed the contract and were given fees from the estate agent that they previously didn’t tell us about, we also had mice which the landlord and estate agent both refused to help sort out.”
Melissa Cowern, who lives in Harrow, a location populated heavily by students said “We were told originally that it was a £500 deposit each, but then we were told that we had to pay guarantor fees, agency fees and tenancy fees which were around £100-£200 each which we won’t get back, he said that all agencies did it so we had no hope of finding anywhere cheaper.”
The conversation has been blowing up on social media after it was announced yesterday, many letting agents claim that the ban of fees could harm the security of the landlords. This is what people on twitter had to say: