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Grace C via Flickr / Creative Commons

Letting agency fees have been banned in the UK

The news was announced by chancellor Phillip Hammond as part of this year’s Autumn statement

The housing crisis continues to be a hot topic in parliament. Despite attempting to determine its root cause, politicians seem to be turning a blind eye to overzealous global investors who are effectively buying up London at an extortionate price and speed. Is this because the Tories aren't building enough houses? Would a rent cap help? Whatever the answer is, UK letting agents have been fleecing renters out of every penny they own for a pretty long time, and for a while it has seemed futile to challenge the system. 

However, in some much needed good news, today it was announced that plans are underway to officially ban letting agent fees. Chancellor Phillip Hammond announced the joyful news as part of the Autumn statement (alongside the admission that Brexit will cost us £122 billion more than expected). The decision will impact an estimated 4.3 million households, who all will be saved hundreds of pounds as a result.

Letting agent fees come in the form of administration charges including those for referencing, credit and immigration checks as well as when agents initially draw up tenancy agreements. However, following the Autumn statement, there will be a blissful shifting of monetary charges. Landlords will now be forced to dig deep into their pockets and foot the bill. So the majority of us who rent can at least sleep easy tonight.