Rics calls for greater buy to let property regulation

14 April 2010

Posted by Steve Olejnik

The Royal Institution of Chartered Surveyors (Rics) has called for the political party that wins the upcoming general election to ensure new regulation is introduced to improve standards among letting and managing agents.

Buy to let landlords who currently use agents to find tenants for their property are likely to welcome the call from the industry body, which said all firms operating in the sector should be included in regulatory schemes to raise professionalism.

"Unregulated agents lead to serious flaws in consumer protection in an essential area and action should particularly be taken to protect vulnerable consumers," Rics stated.

It noted that around half of all letting agents in England are currently unregulated and added improvements need to be made to how the government oversees the industry, as the Department for Business, Innovation and Skills currently deals with estate agencies, while letting agents are monitored by Communities and Local Government.

The suggestions are part of its property manifesto, which has been released to coincide with the launch of similar documents from each of the major political parties.

Why not take a look at our best Buy to Let mortgages and make an enquiry online now.