A report by the Communities and Local Government (CLG) Committee has proposed bringing regulation for letting agents up to the same level which estate agents currently have. By introducing such laws it would give the Office of Fair Trading the power to ban agents who act improperly and also put in place new rules to ensure the safe treatment of landlords’ and tenants’ money. Clive Betts MP, Chair of the CLG Committee, said: “Amazingly letting agents are subject to less control than estate agents. This lack of regulation is giving rise to sharp practice and abuse by some letting agents. We were told that the letting sector was the property industry’s ‘Wild West’ ’Cowboy’ agents who rip off landlords and tenants have to be stopped. They need to play by new rules or get out of the sector.” The report is also demanding that action be taken to crack down on hidden and unreasonable fees and charges which are imposed by letting agents, with agents being required to inform tenants about fees before they start the letting process. The Committee also wants all property listings and advertisements to list in full the fees a tenant would have to pay. Ian Fletcher, Director of Policy (Real Estate) at the British Property Federation, said: “Agents should spell out all letting fees upfront to make everyone involved fully aware of the costs they are facing at the outset. Greater transparency will mean a better deal for tenants and landlords. “The private rented sector has grown, and now contains a greater numbers of families seeking longer term security. If landlords are to feel confident providing longer leases they need the peace of mind to know that the court processes for possession are simpler.” The Committee also discovered that, whilst the private rented sector has grown significantly in the past decade, the market is still relatively young and it does not yet offer many renters what they are looking for. With the sector now home to an increasing number of families, the Committee calls for barriers to longer tenancies to be removed. In return for offering longer tenancies, landlords should be able to evict tenants much more quickly when they fail to pay their rent. Clive Betts said: “Too often, the security desired by many families is not available within the private rented sector. We heard from one father whose 10 year old daughter had already had to move home seven times in her life. “We have to overcome the barriers to longer tenancies. Letting agents should not be chasing renewal fees. Instead they should be working to ensure the length of tenancies meets the needs of both tenants and landlords. In addition, mortgage lenders should remove conditions that limit tenancies to one year.”