Further estate agency regulation won’t be too expensive for the industry, Lord Best has said.
Lord Best, who led the Regulation of Property Agents (ROPA) working group, has suggested a new industry regulator would need some initial funding to get started for costs such as staff but insisted it “wouldn’t break the bank” for agents.
Speaking to Estate Agent Today after the House of Lords Industry and Regulators Committee, which Lord Best sits on, urged the Government to get on with implementing the ROPA recommendations, he said: “If you have 1.25m sales across the industry each year and agents pay a couple of quid per transaction for a regulator, that is not going to make a difference to them.