Lack of buy to let regulations raises MPs' concerns

21 July 2010

Written by Simon Whittaker

Concern over the lack of regulation in the buy to let industry has seen over 60 members of parliament sign an Early Day Motion (EDM), according to the Association of Residential Letting Agents (Arla).

The EDM outlines the politicians' worries over the government's decision to scrap plans for the imposition of new legislation on the private rented sector, as well as a national register of landlords, which could help tackle unscrupulous portfolio investors and estate agents.

"Until the current status quo is changed via national regulation, unprofessional, unqualified and unethical operators will continue to prey at the expense of the general public," operations manager of Arla Ian Potter warned.

According to the organisation, the EDM also highlights the importance of the private rented sector as a support for the housing market.

In a separate statement, Arla recently argued that chancellor George Osborne had not offered much encouragement to those in the buy to let industry to invest when he presented the emergency Budget.

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