Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

Action must be taken now on regulation of property agents

by November 10, 2023
November 10, 2023
Action must be taken now on regulation of property agents

Propertymark has written to the Rt. Hon Michael Gove MP, to reiterate a longstanding call for regulation of property agents and outlined how this can support the delivery of the UK Government’s reforms.

Upcoming progress on both the Renters (Reform) Bill and the newly announced Freehold and Leasehold Reform Bill present ideal opportunities to legislate for the highest standards of practice in the sector, which will benefit both agents and consumers.

In February 2023, Mr Gove stated that all property managers in the social rented sector should be qualified, and Propertymark have urged him to extend this requirement to lettings, sales and managing agents in the private housing sector.

At the Labour Party Conference in October 2023, Matthew Pennycook MP, stated that if in government his party would introduce regulation as recommended by Lord Best in his 2019 report.

Timothy Douglas, Head of Policy and Campaigns at Propertymark, will again re-state the case for action when he gives evidence to the Renters Renters (Reform) Bill Committee on 14 November 2023.

Regulation offers huge potential to professionalise the sector. All property agents should be qualified to at least Level 3, carry out regular training, undertake Continuing Professional Development (CPD) each year, be members of a professional body and follow a code of practice.

Full mandatory government regulation of agents is the quickest and most effective method to eliminate unprofessional, unqualified, and unethical agents from the property sector.

Tenants should have parity of rights and protections and feel safe in the knowledge that their property manager is qualified and trained regardless of the tenure they rent.

Letting agents play a significant role in the private rented sector (PRS) – an estimated 46% of landlords use an agent who can carry out a variety of functions including inspections, notices, and the daily running and management of a property, as well as holding the vital relationship with the tenant. This could mean that potentially over two million households could be left uncovered by efforts to improve standards within the Private Rented Sector, if the focus on enforcement and new standards remains solely with landlords.

Currently, there are no barriers to entry to work within the property sector or even to belong to a professional membership body. This means varying levels of service, standards and application of new and existing laws and uncertainty amongst consumers about what they should expect from an agent.

With the introduction of the Building Safety Act 2022, and further reform expected from the Freehold and Leasehold Bill, homeowners living in a block of flats or purchasing a property to live in deserve to have access to qualified and trained estate and managing agents who can deliver the best standards of professional service.

Nathan Emerson, CEO of Propertymark comments: “Piecemeal legislation is unmanageable and unenforceable and there is no overarching regulation to ensure property agents meet basic competency standards.

The Renters (Reform) Bill provides an opportunity to introduce minimum qualification requirements and a statutory Code of Practices to be adhered to by all letting, managing and sales agents, professionalising the sector and giving consumers vital protections.”

Read more:
Action must be taken now on regulation of property agents

0
FacebookTwitterGoogle +Pinterest
previous post
driveJohnson’s reaches 600 driving instructors across the UK
next post
Friday Feature: Riverside Club for Adventure & Imagination

You may also like

Empowering Small Businesses: 5 Reasons High-Speed Connectivity is...

April 24, 2024

5 reasons to use VPN for gaming in...

December 8, 2022

Skills crisis threatens 1.5 million homes target as...

July 3, 2025

UK classifies trade documents as ‘secret’ to shield...

April 17, 2025

Everyday Cryptocurrency Transactions in the UK

September 12, 2024

Cyber chiefs slam Parliament’s ‘pitiful’ £6.5m cyber budget...

March 27, 2024

The health problems that can afflict high level...

July 19, 2024

SEO or PPC: Which is Better?

February 4, 2025

Trump’s tariffs send UK borrowing costs soaring, forcing...

July 8, 2025

Double Dutch launch third female bartending scholarship to...

March 8, 2023

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • DAVID MARCUS: Zany Zohran endorsement is existential choice for Hakeem Jeffries

      July 26, 2025
    • FTC firings take spotlight in Trump’s fight to erase independence of agencies

      July 26, 2025
    • DNI Tulsi Gabbard declassified Trump-Russia docs: Here’s what they say

      July 26, 2025
    • Trump signs rescissions package, closes out week with trip to Scotland

      July 26, 2025
    • CHARLIE KIRK: Republicans must seize Gen Z moment or risk losing an entire generation

      July 26, 2025
    • Technology in Hospitality: Innovations Shaping Guest Experiences

      July 26, 2025

    Categories

    • Business (8,580)
    • Investing (2,151)
    • Politics (16,208)
    • Stocks (3,228)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved