After providing oral evidence to the House of Lords’ Industry and Regulators Committee’s inquiry regarding the Regulation of Property Agents, Propertymark responds to the Chair’s letter to Michael Gove on the Committee’s output to their inquiry.
Timothy Douglas, Head of Policy and Campaigns, said:
“Propertymark welcomes the Committee’s findings and its recommendations for greater regulation of property agents. The inquiry highlights the importance of regulation and the need to improve consumer protections. It has also clarified the vital role that professional bodies currently play in providing qualifications and ensuring compliance with rules and regulations as well as taking action to drive up standards across the property sector.
“As Propertymark made clear through the evidence provided to the Committee, it is vital that mandatory qualifications, a statutory code of practice and regulatory oversight exists through a new regulator to ensure compliance with new and impending legislation. The UK Government must not miss the opportunity to act on the recommendations of the Regulation of Property Agents Working Group and build in greater protections for consumers. Recent and proposed pieces of legislation for leasehold, renting and building safety are complex and need to be accompanied by overarching regulation that supports and promotes competent and professional property agents.”
