Northwood welcomes new measures to regulate the lettings industry

November 19, 2013

New measures that give tenants, landlords and leaseholders additional confidence in working with letting and managing agents and that strengthen the private rented sector were set out today (19 November 2013).

Compulsory redress schemes for these agents will ensure agents can be investigated where they have not been clear about fees or other issues, and will provide a cheaper, easier way to pursue compensation if there is a complaint.

Good progress is being made in introducing the requirement for all letting and property management agents to be a member of an approved redress scheme, and today the conditions that will need to be met by a company or organisation setting up a redress scheme have been made available.

Housing Minister Kris Hopkins said:

Private rented homes play an important role in providing flexible accommodation to many hard working people who either do not want to buy or who are saving up for a deposit.

Having a redress scheme will provide confidence to both tenants and landlords that any problems with letting agents can be cheaply and swiftly resolved and provides an alternative to the court system.

The conditions we are publishing set out our view of what needs to be considered in setting up a redress scheme that can give peace of mind to many people living and operating in the private rented sector and in leasehold accommodation“.

Whilst Northwood welcomes this announcement, it also gives us an opportunity to remind landlords and tenants that Northwood has already voluntarily signed up with the Property Ombudsman, as well as being a founder member of the SAFEagent initiative, which provides a signpost for consumers to those agents who have client money protection in place.

Northwood Finance Director, Gemma Goodson, explains how Northwood has always voluntarily committed to raising standards and how this ensures peace of mind for both tenants and landlords:

While other agents will be rushing to get registered, and getting systems and processes in place, all Northwood firms are already adhering to these regulations and can offer a “seamless” service as regulation kicks in in early 2014.

Find your nearest Northwood agent >>> here.

Northwood is one of the largest and most recognised lettings agents in the U.K. and the leading supplier of Guaranteed Rent to give landlords complete peace of mind.

Find us on Twitter @northwoodUK or visit our YouTube Channel.

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