RICS - disappointed about the Governments failure to address Private Rental Sector

The RICS have voiced their disappointment on the lack of specific provisions in the Queen's Speech covering the private rented sector.

Specifically it is not happy that no legislation was put forward to regulate the letting agent sector.

Currently only 50 per cent of letting agents belong to a voluntary regulatory scheme and many landlords do not use an agent, meaning less than half of all rental transactions are regulated, with the attendant risks to tenants' deposits and landlord rents. Industry estimates are that up to £12bn - much of it unprotected - is in the hands of landlords and agents in this sector.

Property Hawk supports tighter controls over letting agents especially where they hold tenancy deposits as there have been frequent cases of unregulated letting agents going bust or disappearing with rental deposits leaving landlords responsible to foot the shortfall.

We remain completely unconvinced and against a compulsory landlord register.

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