Regulating the Letting Industry
The Government have announced new proposals for regulating the letting industry following on from the Rugg Review last year reports Andrew Oulsnam, Partner in Robert Oulsnam & Company.
This document aims to set out proposals to create a higher quality sector with a more professional approach from the involved. Areas covered in the document include the regulatory framework and supporting the market to deliver increased supply and professional management.
The Government response appears to cover all the ground that should be tackled and we now need swift action to put in place the measures indentified. Growth in the private rented section must be encouraged to provide a choice of homes and as an alternative to owning a home.
At present it is possible to set up a lettings or management agency with no qualifications and with no safeguards for the consumer.
The proposals include mandatory regulations of private sector letting agents and managing agents by an independent body. All landlords will be required to sign up to a national register.