The long-awaited Tenant Fees Act was introduced across England on 1st June 2019. The government has released a guidance note for those in the industry.
From June 1st, it is now illegal to charge a tenant a fee relating to their tenancy unless it is one of the seven areas listed here.
Deposits are now capped at a maximum of 5 weeks’ rent for properties let with an annual rental of up to £50,000, or 6 weeks’ rent for those at or above £50,000. Holding deposits are capped at one week’s rent and payments to amend the tenancy agreement to £50.
The latest survey of English Housing indicates over half a million more households now privately rent compared to five years ago (MHCLG). Read the full guidance here.