A clampdown on the lettings sector is needed to stop rogue agents turning it into “the property industry’s Wild West”, the Royal Institution of Chartered Surveyors (RICS) have warned today.

RICS’ consumer letting survey (conducted in key marginal constituencies) highlights the potential for rogue lettings agents to cash in on the current rental boom, due to a combination of consumers’ low expectations and a total lack of effective regulation.

Two thirds of more than 1,000 people who have rented a home in the last two years in England said they did not receive an inventory when they moved into their property, which RICS said showed the “worryingly low standards” tenants have come to expect.

Currently it is possible for anyone to set up a lettings agency without appropriate qualifications & knowledge of understanding of the rental process, but despite this 4 out of 5 renters believe lettings agents are required to abide by a government, ombudsman or regulatory body code of practice – demonstrating a lack of accessible information on lettings agent’s legal requirements.

Other findings from the report include:

• 89% of voters agree it should be compulsory for agents to register with a regulatory body.

• 93% support lettings agents being required to meet an industry code of practice.

• Three quarters of tenants think it is the lettings agent, rather than the company they work for, that is responsible for the agent’s actions.At least 4 out of 5 renters think that if compulsory regulation were to be introduced there would be:

• Better protection for tenants regarding unethical and unfair practices (89%)
• Greater consumer understanding of the process involved in renting property (83%)
• Levels of trust between the letting agent and renter would improve (80%)
• An overall improvement in the level of service provided by letting agents (84%)

Shelter claim that around 23% of people they have surveyed believe that they had been landed with unfairly high fees for aspects of renting; such as credit checks, renewing contracts and “administration”.

They also claim that they have found cases of renters being charged more than £150 for repeat credit checks every year, which Shelter said actually cost between £8 and £25 to perform.

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