A recent investigation has uncovered that reports of fraud by letting agents have risen to an all-time high, at a time when unprecedented levels of tenants are flooding the market. These recurrent reports have led to authorities across the UK warning that rogue letting agents are defrauding Buy to Let landlords and tenants of hundreds of thousands of misplaced rent and deposits.
The problem for many is that unlike Estate Agents, Letting Agents do not have to be regulated- despite handling large amounts of money. With the latest investigation conducted by the Financial Times publication, ‘The Investors Chronicle’ highlighting that 40% of letting agents are unregulated- thousands of landlords and tenants across the country are at risk.
Sounds like letting agents need a bit more regulation!
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