Rental market 'requires greater regulation'

Posted: 09 Dec 2011 12:37:56 GMT

The country's rental market requires increased regulation, an expert has claimed.

Landlords should face tighter regulations to ensure their operations are as professional as possible due to doubts that have arisen as the market expands, an expert has claimed.

Malcolm Harrison, spokesman for the Tenancy Deposit Scheme, said the increasing popularity of renting homes has raised concerns over the ethics of letting agents.

The expert went on to suggest many industry members could be tempted to "think clients' money is their money", which could lead to a number of problems.

"The most important things are the safety of clients' money - deposits on the one hand and landlords' rents and floats on the other hand," Mr Harrison commented.

His comments were made after the Resolution Foundation claimed many tenants are being let down by the lack of regulations in the market.

As part of a mystery shopping exercise of letting agents in three cities, the organisation found the range and type of fees charged varied significantly from £95 to £375.

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