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This article is for information purposes only.

Please remember that financial investments may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.

There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.

Fines for non-compliant letting agents, landlords hits £7.1m

letting agents

Camden Council tops the enforcement league table as the most active in terms of number of fines, followed closely by Newham and Southwark

The total fine for non-compliant letting agents and landlords has now hit £7.1m, new figures show.

According to the latest data, this represents an increase of £600,000 in the last four months, and includes a £372,874 rise in the last month alone.

Kamma, which provided the data, has tracked the Mayor of London’s Rogue Landlord and Agent Checker, and delivered analysis of enforcement trends across the capital.

Earlier this year, Kamma reported a 532% rise in fines between May and July as local authorities picked up the pace of enforcement efforts. Now, in just under a year, the total fines for letting agents and landlords have increased by more than £1m, from £6,052,932 in December 2020 to £7,128,973 at the start of November.

Since the start of this year, Kamma has reported an average rise of £89,670 in fines every month.

Camden Council tops the enforcement league table as the most active in terms of number of fines, followed closely by Newham and Southwark. Yet, the London Borough of Hammersmith and Fulham is now the London borough with the highest average fines of £19,800, followed by Hillingdon with an average of £13,500, and Hackney with £11,250.

With increases across the region, letting agents and landlords have to stay on top of their compliance, especially in light of the fact that they stand to face fines of up to £30,000 for non-compliance, if failing to comply with safety and licensing regulations, and additional fines of up to £5,000 per property for non-compliance with MEES regulations, according to Kamma CEO, Orla Shields.

She explained: The lettings market is more regulated than ever before. Licensing schemes, fines and enforcement through Rent Repayment Orders are all increasing, so it’s vital agents act to protect themselves, their landlords and of course their tenants.

Important:

This article is for information purposes only.

Please remember that financial investments may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.

There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.