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

News

Moneyfacts.co.uk News brings you the latest financial & economic news & reviews of the best products in the UK by our team of money experts.

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

MONEYFACTS ARCHIVE
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 It is now over 6 months old so the content may be out of date.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."

Landlords:
Compare buy-to-let mortgages
Guide: What to do about problem tenants

Tenants
Guide: What to do about a problem landlord

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

Buy-to-let mortgage availability drops

It’s been a turbulent year for buy-to-let (BTL), with Government interventions impacting the sector and activity dampening as a result, and our latest figures reveal the largest drop in the number of available mortgage products since 2009.

Number of parent landlords on the rise

The cost of renting is on the rise, but would it cheaper if you were renting from your own parents? Many children of property moguls will hope so, and with the number of parent landlords on the rise, it’s something more and more could benefit from.

Landlords: BTL mortgage rates are still falling!

The cut to base rate has had a welcome impact on mortgage rates, and it isn’t only residential borrowers who are benefiting: buy-to-let (BTL) investors are continuing to enjoy a fall in rates, particularly those looking for a longer-term deal.
 
Close