The Association of Residential Letting Agents and the National Association of Estate Agents have asked new housing minister Gavin Barwell to make Client Money Protection mandatory for letting agents.
“It’s essential Gavin honours the commitment of his predecessor to bring forward a review of the need for mandatory Client Money Protection for agents, following the discretionary powers that were brought in as part of the Housing and Planning Act. Only this can provide the adequate level of protection for landlords and tenants alike” says David Cox, managing director of ARLA, and Mark Hayward, managing director of the NAEA, in a joint statement.
The pair also want a rethink on government proposals to privatise the Land Registry.
Earlier this month a spokesman in the David Cameron-led government said any final decision on the controversial privatisation would await the new administration.
Some in the property industry, and many Conservative and Labour MPs, have suggested that the proposed privatisation may lead to a lack of transparency in transactions and could reduce the quality of information available from the Registry.
“The government’s decision to sell the Registry risks reversing its good work on transparency and we call on the new minister to work with the new Business, Energy and Industrial Strategy department to think again on this proposal” say Cox and Hayward.
The organisations have congratulated Barwell on his new role.
“This is a crucial time for housing, with demand greatly outstripping supply and an urgent need to reshape Britain’s housing mix. We worked closely with the previous administration to increase transparency in the UK property and sector and remain very supportive of the need for a beneficial ownership register” the pair say.