Regulation of managing agents confirmed – property industry reacts

The regulation of property agents has been confirmed by the Secretary of State for Housing, Communities and Local Government, Angela Rayner (pictured), in her speech to the Labour Party conference.

The property industry has given its reaction to the news.

Industry reaction

Nathan Emerson, CEO at Propertymark, says: “Propertymark has long campaigned for action in this area and welcomes the UK Government’s commitment to stronger regulation of property agents.

“Professional property agents are increasingly being undercut by unqualified and inexperienced operators who are not held to the same professional standards. This is unfair to responsible businesses that invest in qualifications, training and compliance, and leaves consumers exposed to poor practice without adequate protection.”

He went on to say: “Building on the professional standards, structures and good practice already established across the sector will be critical to making this a success and ensuring the new regime is understood, enforced and adhered to consistently.

“Propertymark looks forward to working constructively with the UK Government to ensure regulation delivers higher standards, effective enforcement and a genuinely professional property sector.”

Sean Hooker, Head of Redress at Property Redress, says: “This issue has never been particularly controversial within the sector, with industry leaders consistently calling for tighter regulation, mandatory qualifications and effective enforcement.

“This new promise and full-blooded endorsement of the policy by the Secretary of State, under the banner of Hope Again, gives us optimism that this measure will be rapidly implemented.”

Danny Pinder, Director of Policy at Real Estate UK, says: “We were glad to hear Angela announce a new independent regulator for managing agents, something we have long called for.

“Leaseholders’ primary concerns are not with the tenure itself but with the day to day management of their homes and their service charges, and proper regulation will have the greatest positive impact on their everyday experience in providing greater transparency and accountability.

“For renters, this announcement builds on important reforms introduced under the Renters’ Rights Act. Our Build to Rent members build professionally-managed, modern, high-quality homes for rent. They are raising the standards of the industry and this is a further welcome step in the right direction.”