Rogue Estate agents to become regulated
A new industry regulator for Estate Agents is set to be in place within the next two years according to the chair of the government’s Regulation of Property Agents working party (ROPA).
The new regulator will mean licenses and minimum qualifications despite their previous experience, will become mandatory. Lord Best, Chairman of ROPA acknowledged the new regulations will force some agents out of work.
He said there would be no grandfathering – so everyone will need to complete the qualifications, regardless of their experience or time in the industry.
He believes for agents to have continued success will come down to how well they adapt to the new rules.
Speaking at the TPO’s conference, he said “You will become regulated bodies and licenced agents as individuals”.
Adding, “You will need to be licenced and it will be a serious offence to operate without a license”.
A spokesperson for the Ministry of Housing has said: “We have been clear that standards across the property agent sector must be raised and we look forward to hearing the recommendations of the working group’s report on the important issue.”
Lord Best will deliver his group’s report to the government on Monday. But it is understood that the regulatory body will cover lettings as well as sales and purchases for homes.
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