Letting agents who accidentally omit rent figures in listings or even social media posts risk fines of up to £21,000 if they repeat the mistake.

As part of the Renters Rights Act, from May 1 next year letting agents will not be allowed to ask for, encourage or accept an offer that is higher than the advertised rent. 

When an agent advertises a property, they will need to include how much the rent will be – a pecific amount as a price range will not be allowed. 

This applies to what the government calls “a written advert” which may be an online property listing, a hard copy printed advert, a social media post, or even a digital communication, for example, emails, text messages or direct messages. It does not include ‘to let’ signs outside a property. 

After advertising the property, agents will not be allowed to ask for offers above the advertised rent, ask for best and final offers for the property, tell someone or hint that they have received other bids to encourage them to bid more than the advertised rent, or accept even a voluntary offer to pay more than the advertised rent.

It will be down to local authorities to decide if there have been breaches of these rules; agents may be reported to the local council if they have broken the rules. 

At that point the council may ask for evidence of the advertised rent, a copy of the tenancy agreement, and a statement from the agent concerned.

But if the council agrees that rental bidding has happened, the potential costs to the agent can easily mount up. 

The government gives two examples. 

Firstly, you advertise a property but do not include the price of rent in the written advert. Someone reports this and you’re fined up to £7,000. Two years later you advertise another property without including the price of rent. Someone reports this and you are fined up to £7,000 for the breach as well as another £7,000 for the ‘repeated breach’. 

The agent could therefore pay a total of £21,000 for the two offences – in theory, even if they are just mistaken omissions from a listing, an email or a social media post.

Secondly, if you advertise a property but do not include the price of rent in the written advert. Someone reports this and you’re fined up to £7,000. One year later, you advertise another property and include the price of rent in the written advert, but you then accept an offer of more than the amount advertised. Someone reports this and you’re fined up to an additional £7,000. 

The agent would then pay a total of £14,000 for the two offences. 

You can see more details of these new rules here: https://www.gov.uk/guidance/renting-out-your-property-guidance-for-landlords-and-letting-agents/rental-bidding-a-guide-for-landlords