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Banning Letting Agent Fees – A Dangerous Move?

Posted 10/07/2017

The Queen’s Speech may have been somewhat on the slim side, with many Conservative party pre-Election manifesto policies omitted, but one policy was followed through on. The ban on letting agent fees, first suggested in last year’s Autumn Statement, was included in the speech with a draft bill announced.

This bill also included a proposed cap on security deposits. If it is passed, landlords will only be able to charge a maximum of one month’s rent as a security deposit. This is a dangerous move. Landlords charge security deposits for a reason – to give them the protection and reassurance they need in order to let out the property. For tenants deemed to be a high risk, such as those with pets, that deposit will obviously be higher. If landlords are unable to price for risk, the chances are they will just stop letting properties to higher risk tenants.

Once again, the government seems to have misunderstood the implications of their actions.

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