Propertymark gave evidence at a House of Lords Industry and Regulators Committee Inquiry on 5th March 2024 which explored whether a new regulator should be created as suggested by the report of the Regulation of Property Agents working group in 2019, which the trade body participated in at the time.
Timothy Douglas, Head of Policy and Campaigns at Propertymark, represented members’ views on the desire for a code of practice, minimum qualifications, and licensing for estate agents throughout the UK and for letting and managing agents in England.
Scotland and Wales already have legislation regulating letting agents. In a January 2023 report, the Chartered Institute of Housing reported in a survey that they conducted that 87% of letting agents who had completed a qualification said it benefitted their professional capabilities. 84% of letting agents surveyed said qualifications had benefitted the sector overall.
Propertymark has long argued that an efficient regulatory regime would allow consumers to be guarded from detriment, and that there would be more targeted measures to enhance the housing market if a regulatory regime could accumulate high-level data from the sector.
With so many new laws regulations being imposed on the housing sector, the trade body believes it is vital for agents to have the knowledge and skills to manage property. But without over-arching regulation, there is no way to enforce common standards. Timothy Douglas, Head of Policy and Campaigns at Propertymark, said:
“Operating as a property agent is not a straightforward matter, it requires a wide range of skills, the ability to account for substantial flows of funds, and an understanding of complex housing law.
The legislative burden on agents and property managers has significantly increased, but the UK Government hasn’t looked at the competency of the people being asked to carry out those roles. Consumer protection is vital, and we are at the crossroads now where we have to act.”
