Letting agent use hits two-year high amid complex rental rules
"As the rental market becomes more complex, reliance on letting agents is likely to grow further," says the NRLA's Ben Beadle.
The proportion of renting housing managing by letting agents has reached its highest level in two years, new research has found.
A survey by the National Residential Landlord Association, (NRLA), suggested that two thirds of rentals in England and Wales are managed by a letting agent.
The NRLA says the rise reflects landlords turning to agents to help navigate the Renters’ Rights Act and prepare for further regulation.
Ben Beadle, Chief Executive of the National Residential Landlords Association, (NRLA), warns: “As the rental market becomes more complex, reliance on letting agents is only likely to grow further.”
Unqualified agents
However, it warns that the shift amplifies the risks posed by unqualified or poorly informed agents.
As landlords increasingly rely on agents, the association is calling on the Government to accelerate plans for minimum education and training standards across the sector.
New code of practice
Estate agents will be subject to a new code of practice at some point later this year as part of a major shake-up of the homebuying system.
Along with a code of practice, mandatory qualifications are also in the pipeline, with a consultation planned next year.
It’s been a long time coming, with Lord Best’s (pictured) recommendations on RoPA (regulation of property agents) published way back in 2019.
As the rental market becomes more complex, reliance on letting agents is only likely to grow further.”
Beadle (main picture) continues: “Landlords are ultimately responsible for ensuring the properties they rent meet all required standards.
“However, with two thirds of rental properties now entrusted to some degree to the care of an agent, it is vital that they and their tenants can have confidence in the services that these letting agents provide.
He adds: “Reforms to the agency sector should therefore go hand in hand with the wider changes to the rental market.”
“While most agents provide a good service, too many do not. Minimum training standards would help ensure those working in the sector understand their responsibilities and can provide a consistently professional service.
“Pledging yet another consultation next year is simply not good enough. Tenants, landlords and reputable letting agents deserve action now.”
