Letting agent fees scrapped in autumn statement 2016

stamp-duty-changes.jpgThere's good news for renters in the UK after Chancellor Philip Hammond announced a ban on letting agent fees in his Autumn Statement today.

Currently, tenants are subject to 'administration' fees from letting agencies to cover the cost of things like credit, reference and immigration checks, amongst other things, which can cost anywhere between £150 and £500.

However, under the Chancellor's new regime, landlords would be directly responsible for these costs (as is the case already in Scotland), making the process of renting much more affordable for many people.

While some landlords have objected, stating that the new ruling will give them no choice but to increase their rent charges, Mr. Hammond argues that landlords are able to choose which agency they use to represent them, whereas tenants have no such luxury - and with housing in high demand, many are often forced to pay fees to secure a property, on top of their deposit and other charges.

No date for the introduction of the new scheme has been announced yet, although the chancellor has ensured it will be brought in "as soon as possible".

For more information about the other measures outlined in today's Autumn Statement, please see: http://www.bbc.co.uk/news/business-38069554

 

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