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Oliver Hill
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The issues is your average person is unable to save another deposit as their current income is used for rent and bills with little to nothing to put aside and as you know the deposit is payable before the old one is released so needing a spare £1442 yes you could put it on a credit card but again in most situations people may not be able to get a credit card with a 0% facility on it. Look at this way if the current average bond is £1442 this equates to £120 a month for some people this is all they have left at the end of the month for food. I do agree people should take more responsibly on themselves and to be able to cash flow their move but for most its just not possible. The best solution for the entire argument about agency fees is to cap the level of fees that are payable, for example an agency fee is to be no more than 20% of the monthly rent. This is then fair for everyone from tenants to the agent as the agent keeps their income and keep fees lower for landlord which in turn reduces the risk of increasing rents and the tenant knows exactly what they have to pay when moving.
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From: Oliver Hill
09 November 2018 13:58 PM