Regulate the fees that letting agents can charge for reference fees
More people are having to rent privately these days. Letting agents charge an astronomical amount for "reference fees" .Some agents in my area charge up to £200 per person over 18 years that will be living in the property These fees are also non refundable and no reason needs to be given if the application fails.
These are additional costs to the money that needs to be found for the deposit and upfront rent money.
Letting agents are able to make a nice profit on these fees. Other businesses dont charge for the privilege of doing a credit check so why are letting agents allowed to make such a profit on people's need for housing.
Just as the banks were forced to be less profiteering on their fees, so should the letting agents should be compelled to give an accurate breakdown of what the real costs are to them in doing these reference checks and not exploit people that need to find accommodation.
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