This week’s news that the government will not be implementing the ban on letting agents’ fees on tenants in England until at least the spring of 2019 should not lull the industry into a false sense of security, says a leading online agent.
On Wednesday the newly-renamed Ministry of Housing, Communities and Local Government told NALS that spring 2019 would be the earliest implementation date.
However now James Davis, founder of online letting agent Upad and himself a portfolio landlord, says landlords in particular cannot afford to be caught on the back foot.
“In my experience, there’s a certain amount of ‘head in the sand’ mentality around the impact that this ban could have, both amongst letting agents and landlords.
“Unfortunately, many headlines focus on how rents will increase once this legislation is implemented but the reality for landlords is that this needn’t be the case.
“Most private landlords don’t, in fact, charge excessive upfront costs and by simply taking the time now to consider how else they can manage their costs, they’ll be assured of being prepared for the ban whether that happens, this year, next year or indeed at all” he says.