Wednesday, 14 December 2011

Private tenants 'let down' by unregulated lettings market - new report

Tenants are being let down by an unregulated lettings market, with significant upfront costs, variable fees and a lack of transparency around charges, according to a new report published today by the Resolution Foundation.

In a mystery shopping exercise of letting agents in three cities carried out by the think-tank, the range and type of fees charged varied significantly; for example, administrative fees ranged from £95 to £375.

Total upfront costs (including deposit, admin fees and rent in advance) for a one bed property in London were £2,166, around double those in Manchester (£1,028) and Gloucester (£1,094).