Regulation of property agents - working group
In October 2018, the government announced a new working group was being set up to consider options for raising standards across the entire property agent sector. The group, made up of industry expert and chaired by Lord Best, will examine the case for regulation and the introduction of mandatory qualifications for all property agents - at present, anyone can operate as a property agent without qualifications or oversight.
The overarching aim of the group is to improve consumer protection in the letting and managing agent market, and to improve the home buying and selling process.
The membership of the working group is:
- Royal Institution of Chartered Surveyors (RICS)
- Association of Residential Landlords (ARLA Propertymark)
- National Association of Estate Agents (NAEA Propertymark)
- National Trading Standards (NTS)
- Professor Christopher Hodges, Oxford University
- Institute of Residential Property Management (IRPM)
- Leasehold Advisory Service (LEASE)
- National Landlords Association (NLA)
- Citizens Advice
- Ombudsman Services
The group is to be tasked with developing advice for government on a model for an independent regulator, and how it will enforce compliance across the sector, as well as a mandatory and legally-enforceable code of practice for property agents. For more information, see Code of practice for letting and managing agents.
It will also explore options for minimum entry requirements and continuing professional development (CPD).
Housing Minister, Heather Wheeler MP said; “For too long, many people have faced incurring fees and bad service from a number of property agents. People should have confidence when buying, selling or renting a home. Lord Best’s wealth of knowledge will provide a valuable insight and help us make necessary changes to ensure consumers have confidence when buying, selling, letting or renting their home.”
The group has been instructed to report back to government in summer 2019.
(Ref. https://www.gov.uk/government/news/housing-experts-join-forces-to-boost-property-agent-standards)
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