The property industry has angrily rejected recent claims that tenants have saved almost a billion pounds since the Tenant Fees Act was introduced six years ago.

Renters have actually paid far more rent to compensate for the loss of fees, agents say.

Campaign group Generation Rent earlier this week claimed renters have saved £889 million in fees that became illegal under the act.

In the year before the ban came into force in 2019, the group said 45% of the 1.05 million tenants who moved home were charged fees, at an average of £269 per household

Since it came into force, the Tenant Fees Act has saved renters nearly a billion pounds.”

Ben Twomey, CEO at Generation Rent, said: “Before they were banned, fees gave letting agents a licence to print money, with some agents charging as much as £800 to start a tenancy.

“Since it came into force, the Tenant Fees Act has saved renters nearly a billion pounds, and simplified the process of finding a home.”

Reject

But agents reject this argument.

Julian Blackmore, Director at Bournes estate agents in Andover, Hampshire, says: “Einsteins at Generation Rent as usual. Letting market is much better now they saved £100 in fees and lost it per month in rent… you have to laugh.”

John Redden, Partner at Belvoir in Tynedale, Northumberland, says: “Yes there were some unfair fees around and we must accept that, but the majority of my tenants have paid far more in increased rents.

“The maths say on average each tenant has paid between £720 and £960 (some much more) to save £250,” he says.

Great job guys soon you will save more millions in rent as there will be no houses to rent.”

“Great job guys soon you will save more millions in rent as there will be no houses to rent.”

And Mick Roberts, Owner of landlord firm Advance Properties in Nottingham, says: “They missed out the bit where they are all paying more rent now. And more limited supply, hence more in temporary accommodation.”

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