The government has launched the Regulation of Property Agents working group. The group will take forward the government’s commitment to implementing:
- Regulation of letting agents
- Minimum entry requirements for the sector
- A Code of Practice for the sector
- Fees limits and Right to Manage powers for long leases.
Our previous post can be read here
The group is chaired by Lord Best, a crossbencher in the House of Lords with extensive housing sector experience.
The membership of the group mainly consists of:
- Royal Institution of Chartered Surveyors
- ARLA Propertymark
- National Association of Estate Agents
- Leasehold Advisory Service
- National Landlords Association
- Citizens Advice
- Ombudsman Services
Other organisations are involved in sub-groups looking at specific elements.
The main group is tasked with developing:
- Advice to the government on a model for an independent property agent regulator, including how it will operate and enforce compliance
- A single mandatory and legally enforceable Code of Practice for all property agents
- A system of minimum entry requirements and continuing professional development
- Explore fees, charges and ability to choose managing agents for leaseholders and freeholders.
The government has previously launched a call for evidence on the regulation of property agents and appears to be committed to allowing time for agents to adapt to any new requirements. With that in mind the main group will submit its final report in Summer 2019 after which the government will announce its planned next steps.