Thursday, December 8, 2011

Accountability

Renting in the dark (pdf)

Tenants are being let down by an unregulated lettings market, with significant upfront costs, variable fees and a lack of transparency around charges. In a mystery shopping exercise of letting agents in three cities, the range and type of fees charged varied significantly; for example, administrative fees ranged from £95 to £375. Unlike estate agents, letting agents are unregulated and under no compulsion to hold membership of an ombudsman service, leaving dissatisfied tenants with no access to redress. The Resolution Foundation is calling for greater regulation to improve transparency and create a more competitive market.

Posted by dill @ 08:56 AM (1249 views)
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9 thoughts on “Accountability

  • If we make life easier for tenants, they will be less inclined to jump on the so-called ‘property ladder’. Since most voters are home owners, the government would be doing them a disservice if they did anything to make home ownership less attractive compared to renting.

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  • 3.5 million (and growing) private sector tenant households say otherwise, mombers.

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  • its clear to me that as prices fall,people will rent rather than buy and banks will lend 90-100% mortgages again creating a terrifying
    downward spiral for the buy to let market as they panic to sell unrentable properties in an illiquid market.

    portfolios will be repossessed by banks and it will go on for 10-20 years imo

    bankruptcy looms for many

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  • CORRECTION

    as prices fall people will BUY rather than rent

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  • So taffee, do you think we are at peak rental yet? It strikes me that due to the Euro crises there will be less lending next year so more people will have to rent next year.
    Whilst house prices will drop a little, I believe that the sales market will remain frozen as people can’t afford to sell due to their financial positions.
    In summary whilst prices will be dropping people will not be able to buy because they will not have access to funds and so rents will rise and prices will fall.

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  • well I guess the jury is out on that one…..whatever actually does happen its gonna be nasty

    what a completely avoidable mess.

    whatever the outcome I don’t think it will be pretty for anyone full stop

    how bizarre to think we’ve made it impossible for our kids to take a stake in society because of greed

    our kids are the ones who will grow the economy given the chance

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  • Fishone Glover says:

    I can’t see how rents can increase much further, as rents are currently increasing so are the arrears. In recent history rents have tracked wage inflation, and there’s certainly precious little of that at the moment!

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  • mark wadsworth says:

    Mombers, remember the Home-Owner-Ist classification system:

    Tenants = leeching scum too lazy to save up a deposit and take a stake in society
    Landlords = canny investors who are providing a valuable service to the above and who should be encouraged with tax breaks.

    So if there’s no debate as to whose side the Homeys are on.

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  • @Fishone Glover

    According to the index at rentindex.co.uk, rental inflation is ~1.5% over the last year, which is probably lower than wage inflation.

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