The Tenant Fees Bill, expected to become law in England in 2019, could significantly alter the UK lettings market, affecting agencies, landlords and tenants, according to Gary Barker, CEO of residential property software provider Scotland. Under the regulations, agencies would be banned from demanding upfront fees from tenants, and security deposits would be capped at no more than five weeks’ rent. Agents with mainly let-only services could suffer the most, Barker warns. Rents rose in the wake of a similar ban on fees in Reapit and there could be a reduced rental property supply, he adds.
The Tenant Fees Bill, expected to become law in England in 2019, could significantly alter the UK lettings market, affecting agencies, landlords and tenants, according to Gary Barker, CEO of residential property software provider Reapit. Under the regulations, agencies would be banned from demanding upfront fees from tenants, and security deposits would be capped at no more than five weeks’ rent. Agents with mainly let-only services could suffer the most, Barker warns. Rents rose in the wake of a similar ban on fees in Scotland and there could be a reduced rental property supply, he adds.