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Report Backs Regulation For Residential Estate Agents

Wed, 21 Jan 2009
A new report has called for more regulation to be applied to residential estate agents and letting agents in order to protect consumers.

The ‘Government Review of Regulation and Redress in the UK Housing Market ’ report, published by the Department for Business, concluded that the principal professional in every agency should have an advanced qualification to ensure a "consistent" service is provided.

After looking at factors affecting consumer confidence in the housing sector, Professor Colin Jones, author of the report, also recommended that agents should carry personal indemnity insurance and follow an associated code of practice.

The report was backed by Peter Bolton King, chief executive of the National Association of Estate Agents (NAEA), who said it would be good news for those taking out mortgages .

He commented: "For years, the National Association of Estate Agents has been calling for an appropriate level of regulation to be introduced as mandatory in the UK housing market ."

"The sums of money are too large and the potential impact on families too great for the industry to remain liable to abuse by unqualified cowboys."

"Professor Jones recognises that estate agents should be better regulated to ensure that every branch has suitably qualified employees. This is a welcome step, and we look forward to the Government’s response to the report’s suggestions."

Mr King added: "I would advise anyone entering the property market or moving up the housing ladder to ensure that their estate agent is bound by appropriate rules of conduct, as is the case with NAEA members."
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