Private Rented Sector Danger-zone

Feb. 9, 2012 - PRLog -- As stories of Lettings Agents who cease trading owing large sums of money continue be reported, online landlords’ resource, Property118.com has launched an e-petition advocating the compulsory licensing of Lettings Agents to protect both landlords and tenants.

Over 4 million homes are provided by the Private Rented Sector in the UK and many landlords opt to appoint Lettings Agents to manage their portfolios. Many do not realise this industry is entirely unregulated despite handling large sums of their clients’ money and being responsible for implementing their clients’ statutory obligations in respect of safety and tenants rights.

Here at Property118.com we believe this is unacceptable and whilst not advocating that the industry be tied up in costly red tape we believe that a simple compulsory licensing structure would offer greater protection both to tenants and to landlords whilst ensuring that only the most professional Lettings Agents continued to thrive.

“It is inconceivable that any other industry handling large sums of client money could do so without even basic best practice rules to oversee their business procedures and protect their clients in the event of fraudulent practice, incompetence or unforeseen business failure.” said Mark Alexander, Managing Director at Property118.com.

To view the e-petition click here - http://epetitions.direct.gov.uk/petitions/28848

To view background and debate around these proposals click here - http://www.property118.com/index.php/an-easy-way-to-regul...

# # #

Property118.com is an online community for UK Property Investors and their recommended Trades and Professions to share information, contacts and best practice.