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TODAY'S OTHER NEWS

Fees Ban: shocking impact on agents revealed in report

The majority of letting agents have lost up to 20 per cent of their revenue because of the fees ban - and some much more.

A study by PropTech firm Goodlord survey shows that 31 per cent of agent respondents said they had lost 10 to 20 per cent of their revenue as a result of the Tenant Fees Act. 

Another 28 per cent said their agencies had lost up to 10 per cent of their revenue.

A significant slice of the market - 17 per cent - said their agencies had lost between 21 and 30 per cent of their revenue since the Act came into force.

Only 15 per cent of survey respondents said that the Tenant Fees Act has had no impact on their revenues. 

Some 35 per cent of agents said they were worried about ongoing compliance with the Tenant Fees Act and the penalties for not doing so.

In contrast, only 22 per cent cited the new anti-money laundering regulations, which came into force last month, as a source of concern.

Perhaps unsurprisingly, more than half of agents surveyed said they were concerned about the potential introduction of additional legislation, such as rent controls. 

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