Nearly a quarter ‘ripped off’ by letting agents - Buy To Let - News - Moneyfacts


Nearly a quarter ‘ripped off’ by letting agents

Nearly a quarter ‘ripped off’ by letting agents

Category: Buy To Let

Updated: 04/09/2012
First Published: 04/09/2012

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

A startling number of people are being charged extortionate fees by letting agents, according to latest research by the housing charity Shelter.

Around 23% of people said they have incurred unfairly high fees from their agents for standard processes such as credit checks, contract renewals and administration costs.

Shockingly, some tenants have been charged over £500 in administration charges, whilst some people claim to have incurred fees of up to £100 just to view a property.

Kay Boycott, director of campaigns, policy and communications at Shelter, said: "It's scandalous that some letting agents are creaming off huge profits from the boom in private renting by charging both tenants and landlords fees that are totally out of proportion to the service they provide."

"With our investigation uncovering unexplained charges of over £500, we need to make sure that letting agent fees are reasonable. With costs like these, on top of the sky-high rents that families already face, it's no surprise that many dread the day they have to look for a new place to rent."

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