Property industry must be regulated

BUYERS and sellers are suffering due to a lack of Government action to regulate the property industry, says Propertymark, the estate agency membership body for property agents.

The news comes as Levelling Up Secretary, Michael Gove received correspondence from a House of Lords committee which suggested that tenants and others are being hindered by the UK Government’s delay in implementing regulation.

Lettings agents in Wales and Scotland are already regulated and are required to obtain relevant qualifications, however, agents in England are not, meaning anyone can open a lettings or estate agency business.

Consumers are protected by many pieces of legislation but a lack of regulation can lead to examples of bad practice among property agents with many rogue agents continuing to operate under the radar, says Propertymark.

Calls for regulating property agents have been prevalent since 2019, when a House of Lords working group suggested all property agents should be licensed and adhere to a code of practice, and that they should hold a qualification.

This is something Propertymark, a professional body for the industry, has campaigned for and ensures that its members abide by rules to ensure professional standards.

However, the Government has given no timetable for implementing the regulation. Nathan Emerson, CEO at Propertymark, said: “Propertymark is keen to see the Government act.

“Moving home is one of the most expensive and stressful decisions a person will ever make, and yet the agent co-ordinating this can operate without no qualification or experience which people may find alarming. We encourage people to check for the Propertymark logo.”