Propertymark says the regulation of agents has come a step closer.
The trade body gave evidence at a House of Lords Industry and Regulators Committee Inquiry this week 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.
The body gave what it calls “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 per cent of letting agents who had completed a qualification said it benefitted their professional capabilities. Some 84 per cent 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.
The body says that with so many new laws and regulations being imposed on the housing sector, it believes it is vital for agents to have the knowledge and skills to manage property. But without over-arching regulation, it claims there is no way to enforce common standards.
Timothy Douglas, Head of Policy and Campaigns at Propertymark, says: “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.”
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Why are Propertymark pushing for this? The last thing we need is more legislation.😡
So they can provide exam training increase their membership fees and control the industry. In it for themselves not the paying members.
Please don't let Property Mark near this! They have let down agents over tenant fee ban, section 24 and renters reform bill. Their only interest is lining their own pockets.
Why Propertymark are not representing the members, but worrying about their own agenda of the money making courses and exams. All they keep on banging on about is regulation , because of a few bad apples,,,thats why we have a Property Osbudsman who deal with agents whom do not conduct themselves correctly.
The trouble is the property sector has been over regulaed in the first place, thats why agents can not cope with all the changes, but we all do somehow, so why add on more burden to us agents and ruin the industry in the future, by getting rid of perfectly good agents !
I believe Propertymark are Empire building, just like Isobel at what was NALS.
What concerns me is that we will have to apply to be regulated and pay for yet another organisation.
As a firm we are RICS regulated because my husband/MD is a chartered surveyor - yes very unusual for a residential estate, letting and property manager.
We pay fees to RICS for his membership, we pay fess to RICS to regulate us, we pay fess for Professional designated Body (DPB) status so that we can organise and deal with insurance on behalf of our clients.
We pay fees for ARLA menbership for 4 staff, ANEA menbership for 5 staff, pay fees for TPO membership which increases if we want to join ARMA for our block managment, an d then pay fees for ARMA membership.
We, as a firm, are already heavily regulated because we are professionals but any further regulation needs to take account of how we are already regulated because I expect that there are al ot of agents out there with nothing!
Yes, regulate so that minimum standards apply but please don't double/triple regulate those that already comply and pay many thousands already.
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