News announced that the government no longer has new plans to introduce regulation into the private rented sector as it believes that the current system actually strikes the right balance between landlord and tenant.
As reported on the RLA news hub, the vast majority of landlords are compliant within their legal remit and provide their tenants with quality service, a fact backed up by government through their vetting of current legislation and rejection of a new national regulation scheme.
The government has released a note on the regulation of private sector letting and managing agents stating that, although there is no mandatory regulation within the sector there are no new plans to implement any additional requirements. This comes off the acknowledgement that the current legal framework strikes the right balance between landlords and tenants, and that new regulations would introduce too much red tape.
Although there is no national regulation or requirement to do so, a great number of letting and managing agents submit to voluntary regulations (including Belvoir Northwich) showcasing the professional and compliant nature of many within the sector.
However, it is important to note that there exists an amendment to the ‘Enterprise and Regulatory Reform Act 2013’ gives the Government ability to require agents to sign up to a redress scheme.
