Fines for rogue landlords and letting agents in London have exceeded £7 million for the first time. Agents and landlords can face fines for non-compliance with safety and licencing regulations and failing to meet energy efficiency standards.
The analysis has been provided by property data company Kamma, which tracked the Mayor of London’s Rogue Landlord and Agent Checker.
Kamma reports that total fines for landlords and agents in the capital rose by over £1 million in under a year, rising from £6,052,932 in December 2020 to £7,128,973 at the start of November 2021.
The analysis shows an average increase in fines of nearly £90,000 a month since the start of the year.
Kamma flagged that 47 new licensing schemes and consultations were launched in 2021, and not just in London.
James Burgoyne of Brunel says: “Fines are soaring for landlords and letting agents who breach regulations and safety standards, in a continuing crackdown on the sector. The impetus toward effective action on climate change is likely to continue the scrutiny of energy efficiency requirements and action against those that breach them.
“This creates increased professional liability exposures to property managers so firms need to be on top of this. Quality agents who have effective procedures and risk management protocols will be better able to secure professional indemnity insurance, to provide an additional layer of protection for themselves and their clients, at the most competitive rates.”