October 2018
Housing Minister, Heather Wheeler MP has announced the formation of the Regulation of Property Agents Working Group, chaired by Lord Best.
LEASE is one of ten members of the Working Group. The group is set up to consider options to raise standards across the entire property agent sector so home buyers, sellers, tenants, landlords and leaseholders receive the best service possible. This will include the case for regulation and the introduction of mandatory qualifications for all property agents so tenants, homebuyers and sellers can be confident they are getting a professional service and are being charged fairly.
The Working Group’s Terms of Reference can be seen here and it will advise the government on a new regulatory approach to letting, managing and estate agents, in line with the government’s responses to its calls for evidence on:
- protecting consumers in the letting and managing agent market ; and
- improving the home buying and selling process
In particular, the Working Group will be responsible for advising on:
- a model for an independent property-agent regulator, including how it will operate and how it will enforce compliance;
- a single, mandatory and legally-enforceable Code of Practice for letting and managing agents, and whether similar could be provided for estate agents;
- a system of minimum entry requirements and continuing professional development for letting, managing and estate agents;
- a standardised approach for presenting transparent service charges to leaseholders and freeholders;
- an easier statutory-backed process for consumers to challenge unfair service charges;
- whether other fees and charges which affect both leaseholders and freeholders are justified; should be capped or banned;
- further measures to professionalise estate agency; and
- additional matters which in its opinion support the aims above.
