Don’t be Left Behind when Regulation…

Propertymark is urging agents to get ahead of the curve and be ready for the next big initiative – Regulation. 

Propertymark has made clear that it backs the idea of a code of practice, minimum qualifications, and licensing for estate agents across the UK and letting/managing agents in England.

Calls for regulating agents have been prevalent since 2019, when cross-bench peer Lord Best chaired a working group demanding all property agents to be licensed and adhere to a Code of Practice, and that they should hold at least a Level 3 qualification. 

A statement from Propertymark just ahead of Easter said: “This is something Propertymark has long campaigned for along with other recommendations made by Lord Best’s Working Group, which include company directors and management agents possessing a Level 4 qualification or above and having a new regulator to oversee compliance.”

Now a House of Lords committee has repeated Lord Best’s recommendations along with other suggested actions such as creating a Memorandum of Understanding to be agreed between a new regulator, National Trading Standards, and a redress scheme to ensure a more collaborative approach, request the UK Government to legislate for statutory consumer representation, and appoint a single ombudsman for property agents.  

Due to the private rented sector being a devolved matter, Wales and Scotland already have legislation to regulate letting agents, but the Working Group for the Regulation of Property Agents’ fresh regulatory framework concentrates on estate agents in the UK and letting and managing agents in England.  

Propertymark says: “Being a member of a professional body can provide property agents with a distinct advantage when applying for a job or an internal promotion, as qualifications can provide them with industry-specific skills. Many membership benefits include helping with governance, risk management, and compliance by ensuring that they are aware of best practice and new legislation.”    

Nathan Emerson, chief executive at Propertymark, comments: “The pressure to enact Regulation of Property Agents is building. By joining Propertymark, agents will be better placed for Lord Best’s recommendations. For property agents who have not joined a professional body yet, now is the time to consider membership as a priority to help stay ahead of what will be one of the biggest evolutions within the property sector of all time.”