The boss of a prominent UK lettings and property management agency says new regulations planned for the industry are to be welcomed as a way of ridding the sector of rogue operations.

But Satwant Basi – managing director of Spicerhaart’s six English agencies as well as Darlows in Wales – says there’s already an example of one part of the UK which is regulating the sector property, and that is Wales.

Basi credits the Rent Smart Wales scheme for shaping what he calls “a robust regulatory landscape since its 2015 introduction.”

He says that when it was first introduced, he was wary that it might be too onerous in terms of registration and licensing requirements, but it has proved to be a very effective system. 

“It’s weeded out most of the rogue agents and has given agencies, landlords and tenants peace of mind. Put it this way, I sleep easier in my bed at night knowing that the regulatory framework in Wales is effective and does its job.”

Meanwhile the Competition and Markets Authority which covers the whole of the UK, has announced that new guidance is going to be introduced in the private rented sector in the spring following a probe into consumer protection issues – and Basi welcomes this.

“I welcome any improvements to the lettings’ regulatory framework and have been a big advocate of this. I’d like to see a roadmap of change with comprehensive reform, rather than piecemeal changes.  We need an overhaul of aspects such as local authority licensing, and guidelines around products that protect landlords’ risks, and much more. The rent Smart Wales system is much smoother in terms of legislation, compliance and enforcement.

“I wish the CMA and the government had done more to listen to those of us working within the industry. Inviting us to fill in a form is one thing, but picking up the phone to understand the challenges we face would have given them much more insight that would greatly benefit policy-making. We want them to work with us, not against us.

“Furthermore, whatever changes are introduced must not be to the detriment of the private rented sector. The shortage or private rental properties is of major concern and is a key factor in the rising homelessness issue that we’re now seeing everywhere.”