The London Accreditation Standard, introduced by Mayor Boris Johnson, is less than a year old and is proving popular, with 307 letting agents already signed up and eight accrediting bodies now licensed under the scheme.
According to PropertyWire.com more than 115,000 rented homes across London are now badged under the Mayor’s Rental Standard accreditation system, launched last year to improve the experience of landlords and tenants.
The scheme has been adopted by 10 of the biggest names in the lettings industry, including Spicerhaart, Andrews, CBRE, Chestertons, Douglas and Gordon, Savills, Knight Frank, Leaders, Foxtons and Stirling Ackroyd.
Those either letting or renting through every London branch of these firms have the assurance that every landlord or agent displaying the London Rental Standard badge have met the Mayor’s set of core commitments and training levels to offer a professional service.
The commitments include:
- transparent fees,
- better property conditions,
- better communications between landlords and tenants,
- improved response times for repairs, and
- protected deposits.
According to PropertyWire.com around 30% of London households rent their homes, and by the middle of the 2020s the number of renters is predicted to overtake the number of home owners in the capital.
In the last 10 years the number of families with children renting in London has increased by 10% to almost a third, yet it is estimated that up to 85% of landlords are not aware of core legislation that protects renters and 61% have no property management training
Mayor Johnson is calling on all London letting agents and landlords to sign up to the London Rental Standard, with the aim of stamping out rogue agents or landlords in every corner of the city.
Mr Johnson told PropertyWire.com:
“This enthusiastic take-up from agents across the capital is testament to the great success of our new and growing London Rental Standard scheme. With more and more of London’s workforce and young families now living in rented homes, this sector has a vital part to play in helping to meeting the capital’s housing needs.”
“The Rental Standard is improving the experience of everyone involved with a clear code of good practice, and I encourage every agent, landlord and tenant to seek it out and sign up.”
Stirling Ackroyd’s lettings director, Alexander Jones, told PropertyWire.com that “the standard is proving extremely positive for London’s rental sector, giving tenants a better understanding of which agents are regulated, a more informed choice at the very start of the rental process, and improving services and the reputation of the sector.”
The London Rental Standard is being actively supported by all the main lettings agent trade associations: ARLA, RICS, NALS and UKALA (UK Association of Lettings Agents), all of whom can provide letting agents with LRS accreditation.
David Cox, ARLA managing director has said,
“This bold initiative is designed to raise professional standards in the capital’s private rented sector by providing a consistent benchmark of accreditation for consumers,’ said David Cox, ARLA managing director.
“ARLA believes in maintaining the highest professional standards in the sector and therefore fully supports the aims of the LRS. We have long campaigned for regulation of the private rented sector, and it is crucial we eliminate the small minority of unscrupulous landlords and agents who neglect their responsibilities and bring our industry into disrepute. We are proud to be working with the Mayor on this first step towards a more regulated industry.”
— LandlordZONE (@LandlordZONE) April 9, 2015