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Currencies, Equities

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Dollar rises as markets turn eyes to Opec

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Basel Committe fail to sign off on latest bank reform measures

Banking regulators have failed to sign off the latest package of global industry reforms, leaving a question mark hanging over bankers who complain they have faced endlessly evolving regulation since the financial crisis. Policymakers had hoped to agree the contentious new measures at a crunch meeting held in Chile this week, but a senior official […]

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Banks, Financial

Banking app targets millennials who want help budgeting

Graduate debt, rent and high living costs have made it hard for millennials to save for a house, a pension or even a holiday. For Ollie Purdue, a 23-year-old law graduate, this was reason enough to launch Loot, a banking app targeted at tech-dependent 20-somethings who want help to manage their money and avoid falling […]

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Categorized | Property

Estate agents’ shares fall as chancellor prepares to ban fees for tenants

Posted on November 23, 2016

There will be little sympathy among members of the hard-pressed “generation rent” but shares in estate agents are taking a hit this morning as chancellor Philip Hammond prepares to clamp down on fees charged to tenants in today’s Autumn Statement.

At publication time:

  • Countrywide is down 6.4 per cent at 191.6p
  • Foxtons is dropping 8.35 per cent to 112.5p and
  • LSL Property is off 6 per cent to 205p.

Mr Hammond will ban letting agents from imposing fees on tenants for services such as checking references and preparing a tenancy agreement, following the Scottish system, which moved in 2012 to shift the burden for such costs on to landlords rather than tenants.

The move is likely to be popular among the swelling so-called generation rent, who are struggling with high rent costs, particularly in bigger cities, large university debts and wage increases failing to keep pace with sharp jumps in property prices.

Tenants argue that they have little choice in the estate agent they use once they have identified a property, while landlords can shop around for those with the cheapest fees to manage their properties. However, landlords argue that there is a risk rents could rise even further if they face an increased burden. Read more here.