Endsleigh has suggested that more support should be provided by letting agents in order to reduce or put an end to the confusion that exists around fees. It is thought that all people involved in the letting industry need to work together in order to end the confusion around fee bans. This fee ban is expected to have a considerable impact on letting agents, landlords and tenants and it could mean that there is an increased cost in other areas.
There are many different areas that are likely to be affected by the fee ban, including referencing and insurance. However, it is not known yet to what extent the ban will affect the letting industry as the Government are still working out exactly where to implement it. Letting agents gathered on the 28th March for the ARLA Propertymark Conference in London. Endsleigh was suggesting that the letting agents, their partners and the Government will all need to work together in order to bring some light on to the proposals that were announced during the Chancellor’s Autumn Statement last year.
If the private rental sector fails to work together in the process of this ban being implemented, it could mean that all those that are involved in the industry will suffer. There is currently a great deal of confusion regarding fee bans and Endsleigh, one of the leading insurance specialists in the country for letting agents, landlords and young professionals, is advising that more support in this matter could reduce the confusion.
At the moment, it is said that the private rental sector is stuck waiting for more information about the fee ban, and it has slipped from agendas which means that more confusion around the topic has been created. Restarting the discussion should reduce this confusion and allow the private letting sector to move forward with a clearer idea about what the future holds.