Editor's note: This brief was summarised by The Property AI Newsroom from a report by The Negotiator. Read the original article for full details.
Letting Agent Use at Two-Year High as Rental Rules Grow More Complex
The proportion of rental homes managed by letting agents in England and Wales has reached its highest level in two years, according to new research by the National Residential Landlord Association (NRLA). The NRLA survey found that two thirds of rentals in these regions are now managed by a letting agent.
The NRLA attributes this increase to landlords seeking support from agents to navigate the Renters’ Rights Act and to prepare for further regulation in the sector. The association notes that as the rental market becomes more complex, landlords are increasingly turning to letting agents for assistance.
However, the NRLA has raised concerns about the risks posed by unqualified or poorly informed agents. With more landlords relying on agents, the association is calling on the Government to accelerate plans for minimum education and training standards across the sector.
A new code of practice for estate agents is expected to be introduced later this year as part of changes to the homebuying system. Mandatory qualifications for agents are also planned, with a consultation scheduled for next year. These measures follow recommendations on the regulation of property agents (RoPA) that were published in 2019.
The NRLA emphasises that while most agents provide a good service, there are still too many who do not meet required standards. The association argues that minimum training standards would help ensure agents understand their responsibilities and deliver a consistently professional service. The NRLA is urging the Government to take action on these reforms without further delay.
Source: The Negotiator