‘The pressure to enact Regulation of Property Agents is building’ – London Wallet

Propertymark is encouraging estate agents to be ‘ahead of the curve’ as pressure builds to enact Regulation of Property Agents (RoPA).

The chair of the House of Lords Industry and Regulators Committee wrote to housing secretary Michael Gove last week stating that tenants, leaseholders, and others are being hindered by the UK government’s delay over implementing regulation, which Propertymark supports.

Propertymark’s views regarding the need for a code of practice, minimum qualifications, and licensing for estate agents across the UK and letting/managing agents in England, were represented by Timothy Douglas, Head of Policy and Campaigns at Propertymark, on 5 March 2024.

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

The House of Lords Industry and Regulators Committee repeated Lord Best’s recommendations along with other suggested actions such as creating a Memorandum of Understanding to be agreed between the new regulator, National Trading Standards, and the 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.

Nathan Emerson, CEO at Propertymark, said: “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.”