Liberal Democrat MP Annette Brooke has recently forwarded an Early Day Motion (EDM) requesting a new regulatory legislation for letting agents.
The EDM calls for letting agents to have to hit minimum standard requirements before they are allowed to let. In addition, if the EDM is successful, all letting agents must become a member of a professional organisation.
Although unlikely to immediately become legislation, Brooke hopes that the EDM will help MPs to form opinions on the issue.
In full, the motion reads:
“That this House believes that the current regulatory framework for lettings agents offers limited and inconsistent protection of the consumer, creates red tape for business and restricts investment in the private rented sector, does not reflect how consumers interact in the sector and provides no clear distinction between how sales and lettings businesses are now organised; notes that any individual can set up and practise as a lettings agent; understands the importance of a redress mechanism for customer complaints; and urges the Government to require lettings agents to be members of a Government-approved redress scheme and to meet statutory minimum professional standards to trade.”