Ian Wilson, chief executive of The Property Franchise Group, says new rules for regulating the lettings sector will probably be clumsily executed - and so may mean agents will quit the industry.
“The government’s announcements at the weekend, about regulation of the industry and compulsory client money protection, although welcome and well-meaning will probably be clumsily executed. It’s going to be a lot of work to stay in the lettings game, so potential sellers should think hard about their best option” he says.
Wilson’s comments came as news that Martin & Co - one of TPFG’s best known brands - had acquired three independent agencies in just the past seven days.
In Runcorn, Stephen Hember of Martin & Co in Widnes and Denise Griffiths of the company’s Liverpool South fanchise purchased TCG Residential. The seller of the independent wanted a quick sale for an unusual reason - to go around the world on his motorbike.
Meanwhile David Nicholson of the Crawley office of Martin & Co fulfilled a long-held desire to open for business at Horsham in Sussex. Through the purchase of GL & Co Estate Agents, Nicholson has taken on seven staff and premises in the commuter town’s main shopping centre.
In Grantham, Philip Connor purchased Smart Lettings;the acquisition takes the Martin & Co portfolio in the town to more than 300 units.