It’s rare for renters in London to get good news, but that’s all changed today with the announcement that letting agent fees are finally being banned. Hooray!
The plans will officially be announced by the chancellor, Philip Hammond, in the Autumn Statement. The new rules will save 4.3 million households hundreds of pounds, according to the chancellor.
Earlier this year, The Debrief launched a petition to ban letting agent fees, which was signed by more than 250,000 people – and it looks like the government has finally listened.
Landlords will now have to foot the bill for any administration fees instead. Which makes sense, really, seeing as they’re the ones with all the cash kicking around.
Oh, and shares in estate agents Foxtons have plummeted by more than 13 percent, which sucks for them.
In other news, Londoners have the least disposable income in Britain.