OFT calls for new rules in lettings market

The Office of Fair Trading (OFT) has published a report which recommends changes to the lettings market after analysing 4,000 complaints from both landlords and tenants. The complaints ranged from poor customer service to surprise charges being introduced after contracts had been signed. The report also sets out a number of recommendations for Government, industry, enforcers and others in order to make the market work better for tenants. The recommendations include better compliance with legislation and clearer up front information. The OFT would like fees to be set out in a clear tariff of charges and a general redress mechanism so landlords and tenants can sort out problems when they occur. Cavendish Elithorn, Senior Director of Goods and Consumer at the OFT, said: “This report sets out our view on what improvements could be made to address concerns with this market and we are keen to play our part in bringing together those involved in the lettings industry to focus efforts where they are most needed.” February 15, 2013