Estate Agents: Employment
The question
To ask the Secretary of State for Housing, Communities and Local Government, whether she has made an assessment made of the potential impact of the Renters’ Rights Bills on employment levels in the estate agency sector.
Answered by Matthew Pennycook
My Department published the Renters’ Rights Bill Impact Assessment (IA) on 22 November 2024. It received a ‘Green’ rating from the Regulatory Policy Committee, indicating that it is ‘fit for purpose’.
In the IA, the government estimates there are 22,900 letting agents in England in 2023 and 64% of landlords use their services (sources: ONS and English Private Landlord Survey).
The IA does not assess employment levels in the sector but does monetise the familiarisation costs of understanding and adjusting to new regulations for lettings agents. The IA also monetises the commensurate loss of income for lettings agents and other related business of reduced churn in the private rented sector as a result of more stable tenancies. Landlords will benefit from the equivalent saving in letting agent fees.
There are also benefits that the Department has not been able to monetise, for example letting agents are expected to benefit from the Private Rented Sector Database because they will be able to register on behalf of landlords – generating income from this new service.
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