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Government Paving the Way for New Regulation of Property Agents

14th Nov 2018

Category: Property headlines

Would you believe that just 37% of landlords check whether their agent is a member of a professional body?

The statistic, published in a recent Which? report, is shocking. Currently there is no overarching statutory regulation of letting agencies. There are no barriers to entry- anyone could become a letting agent without qualification or commitment to regulation.

So what does this mean for landlords?

Unfortunately, evidence shows regulation (or lack thereof) is a significant issue in the sector. It is estimated that of 8000 letting agents in England, only half submit to voluntary regulation. In another Which? Survey of landlords it was found that many of you experienced problems with your letting agents ranging from not receiving rent, to compliance not being carried out effectively.

Last month the government made a huge, long overdue step in the right direction by announcing the creation of a new working group to examine the case for regulation of property agents. This is a welcome move. Regulation will raise industry standards and boost public perception of the sector. However, with the initial report not being due until summer 2019 it is clear there is a long road ahead. The possibility of any real action being taken remains a glimmer of hope for the future.

We are long standing advocates of professional regulation. We have blazed the trail in Nottingham by committing ourselves to higher standards than the law demands. With this is mind we submit to several means of voluntary regulation, which you can read more about on our website or this blog post which explains the voluntary regulation we submit to.

It is vital that as a landlord you can rest easy in the knowledge that while the law catches up your letting agency already sets the highest standards for themselves through their professional body membership. We strongly advise you to ensure that whomever you decide to trust with your important investment, you hold them to these high standards.

Hannah Walkden

Marketing Assistant

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