NALS wants Competition and Market Authority to look at agents' fees

The National Approved Lettings Scheme says it wants the Competition and Markets Authority to step into the debate over lettings fees

A statement from NALS yesterday evening said that the CMA’s report into competition in the provision of conveyancing - as reported on Estate Agent Today recently - commented on that industry’s alleged lack of transparency on price, quality and service.

“It’s interesting to see many of the recommendations the CMA has for legal services providers, such as displaying pricing and redress membership, are already law for letting agents” says the NALS chief executive Isobel Thomson.

“Despite the findings of the report, which calls for more transparency, the legal industry has been allowed to continue without the same level of government intervention the lettings industry will face with a ban on fees” she adds.

Thomson goes on to claim that the proposed ban on letting agents’ fees levied on tenants is “based on limited research and anecdotal evidence, as well as a lack of understanding of the likely consumer detriment that will be caused by removing payment for the services the agent provides.”

She says more impartial information is crucial in advance of the ban being confirmed.

“NALS believe the CMA is best placed to undertake a report into fees and charges in the lettings market and how it should best operate to ensure a fair, safe experience for tenants, landlords and agents” she says.