The ban on letting fees payable by tenants due to come into force next year in the UK is likely to cost the country's three biggest estate agents at least £26m ($34.8m) in lost profits, according to market analysts Peel Hunt. Countrywide is predicted to lose the most, with an £18m fall, while LSL and Foxtons also face significant profit reductions. In a letter sent last week to all of its customers, RBS said it was "disappointed" that the government had decided not to extend the tax break for landlords who rent out their properties as holiday
The ban on letting fees payable by tenants due to come into force next year in the UK is likely to cost the country's three biggest estate agents at least £26m ($34.8m) in lost profits, according to market analysts Peel Hunt. Countrywide is predicted to lose the most, with an £18m fall, while LSL and Foxtons also face significant profit reductions. The analysts added that traditional agents are also under pressure from online and hybrid agents, with Purplebricks seen as the market leader among them.