The CMA (Competitions Market Authority) will re-issue guidance after complaints about a sizable proportion of landlords and letting agents who are not complying with Consumer Protection Regulations, and then conduct investigations to check compliance and take enforcement action as necessary.
House Manage contributed to the CMA’s Rented Housing Sector
Consumer Research Project, which found that many tenants do receive good service, but that more transparency about the roles played by all parties is desirable.
Eliminate ineffective methods
Multiple individuals in the field have pointed to the absence of mandated ‘professional standards’ as the reason for the pervasiveness of subpar work. Despite being in the minority, the bad individuals ong landlords and letting agents have given the industry a bad name.
House Manage favours the licencing of letting agents, the establishment of a new regulatory body, and the implementation of mandatory qualifications for licenced agents performing certain reserved activities in the sector. Property management could benefit from regulation in order to become more professional, less corrupt, more transparent, and give consumers more say in who handles their properties.
Expectations in the workplace
We advocate for, and work to enact, stricter ethical norms in the workplace. Property Managers of House Manage pledge to continually improve their services and stay at the forefront of their field.
There needs to be more research done.
The next stage of the CMA’s nationwide consumer project in the rented housing sector will focus on five identified areas of concern.
Deposit-free banking systems – These can be useful for tenants who can’t afford a large security deposit, but only if the terms are reasonable and the tenants are informed about any potential costs they may incur. Agents should not use high-pressure tactics to close deals, should provide thorough explanations of the programmes to tenants, and should be transparent about any compensation they receive.
Terms of Guarantee – Some onerous provisions requiring the tenant to provide extensive evidence of assets have been discovered. Some worry that this will put at a disadvantage those who are less financially secure or who lack the social support system necessary to provide a guarantor. People who don’t have much savings or a reliable guarantor may find it difficult to find a place to live if they have to pay a large deposit or rent in advance.
Potentially Illegal Discriminatory Behaviour – To exclude potential tenants who have children, pets, mental health issues, or special needs related to a disability, for example, through advertising or other means.
Imitation licences – This usually happens when a landlord tries to stop tenants from exercising their rights by claiming to have given them a “licence to occupy” instead of an assured tenancy agreement. Consumers who are more likely to be financially vulnerable, such as international students and other migrants, may be hit harder by this practise.
Cost of housing for the elderly – Selling a retirement home can be difficult for the elderly if the selling costs are too high or too arbitrary.
How the CMA can help you?
Studies of markets inquire into consumer complaints about a market’s performance. Depending on the nature of the issues found, the government may be advised to make reforms, businesses may be encouraged to self-regulate, or enforcement action may be taken against companies.
While the CMA has no authority to levy fines, it does have the ability to enforce laws in court and, if necessary, obtain additional measures to expand consumer options, increase compliance with the law, and compensate wronged consumers. If you need any assistance regarding CMA, you can contact House Manage, best property management company London.