Property News

RICS Keeps up Pressure over Regulation

Em Morley - November 30, 2012

The Royal Institute of Chartered Surveyors (RICS) recently released its latest residential lettings survey, which indicated that rental property demand rose at its quickest rate since the start of 2012.

RICS Keeps up Pressure over Regulation

RICS Keeps up Pressure over Regulation

 

With demand for rental property continuing to accelerate, there are growing concerns about the lack of letting agent regulation within the industry.

Concern

Charity organisation Shelter, along with Which? have joined RICS in raising concerns over the lack of regulation for letting agents.

Approximately 90% of tenants questioned for a RICS survey wanted compulsory regulation to be introduced.[1] At present, the lawless system has led RICS to compare the private rented sector to the Wild West.

The survey also showed that the thriving rental market shows no sign of slowing down, with interest from potential renters at its highest rate since January.

RICS Global Residential Director Peter Bolton King said: “Importantly, as a growing number of people are now entering the rental market, it is extremely worrying that no compulsory regulation is in place to protect them.

“At present, practically anybody can set up as a lettings agent and this means that tenants can potentially be at risk of poor service and even malpractice.”[1]

Bolton King went on to say that the RICS would “recommend that anybody looking to rent a home uses a regulated member of a professional body in order to protect themselves.”[1]

[1] http://www.landlordtoday.co.uk/news_features/Rental-demand-rises-as-RICS-keeps-up-pressure-over-regulation