We first visited Spencer’s Property on Bethnal Green Road and handed them a certificate for being the most expensive agent in TH – outside the oligarchy of Canary Wharf.
Spencer’s charge a whopping £742 in admin and reference fees for two people to rent one of their properties, and an even stiffer £521 for one person renting alone
With a months rent and deposit demanded up front that means renters have to find around £2,000 before moving into one of their cheaper properties.
We then held a protest outside handing out leaflets and explaining the action to passers by. The action was carried out after we completed a research project with Generation Rent, which along with Shelter and ourselves, is calling for agent fees to be banned altogether.
For the average Londoner the additional cost in fees can leave renters having to borrow money or go without the basics simply to put a roof over their head.
The worst offender in Tower Hamlets is Skampi that operates out of an off-street office in Canary Wharf and charges £900 in fees for two people to rent a property, although Vanet Property Management, also in Canary Wharf, shamelessly demands £762 in fees for one person renting alone.
TH Renters would like to see tenant fees banned as they are in Scotland, which has been successfully enforced since 2012.