NLA will continue to work for higher standards in sale and rent back

The National Landlords Association (NLA), the leading representative body for private-residential landlords, remains committed to further raising standards among landlords operating in the sale and rent back sector.

Responding to the Office of Fair Trading (OFT) Market Study on sale and rent back recommending the need for statutory regulation by the Financial Services Authority (FSA), the NLA is pleased that the OFT has come to a similar conclusion: that something had to be done about sale and rent back.

The NLA has recently consulted across the sector about a Code of Practice aimed at encouraging transparency and openness for sale and rent back transactions. The OFT study means there is now recognition that ethical sale and rent back has a place within the housing market. The NLA will support any steps to drive out ‘rogue' operators from the private-rented sector.

David Salusbury, Chairman, NLA, said: "Although the OFT has moved directly to FSA regulation, it does not affect the NLA commitment to doing what it can to assist cleaning up this market. The NLA will offer its full assistance to the Government and the FSA as they consider the implications of the OFT report.

"As we have said all along, people's homes are not like other commodities and some of the questionable practices that have come to light through the OFT's investigations have left some consumers even more vulnerable than before. But it must be remembered this is not the whole picture. We believe the majority of sale and rent back landlords act with professionalism and integrity. A small number of ‘rogue' operators have now brought the entire market under close scrutiny.

"The NLA called for change and the OFT report is an answer to that call."