Stronger regulation promised for property market professionals

Stronger regulation is on its way for estate agents in the UK. A new framework that covers all areas of the country is expected to be set up that covers all professionals involved in the property market, including estate agents and letting and managing agents.

The Regulation of Property Agents Working Group was established by the Government to examine the current system that’s in place.

Its recommendations for a new regulatory framework that operates across England and the devolved nations would not include online portals such as Zoopla and Rightmove.

Higher qualifications

The report also wants property agents at regulated firms to have a licence that allows them to operate, a new code of practice that agents sign up to and higher qualification standards for those working in the industry.

NAEA Propertymark, the professional body for estate agency personnel, was involved in the working group.

Stamping out bad practice

Its chief executive, Mark Hayward, said: “This is a significant moment for those in the property industry and a huge leap forward in stamping out bad practice.

“We have long called for Government intervention to ensure everyone in the industry is licensed, adheres to a strict code of practice and holds at least a Level 3 qualification (A-level).

“Following the extensive considerations by the working group, it is now for Government to create the structures for a properly regulated industry, whose professional knowledge and skills are trusted and respected by all.”