Agents and the Government are awaiting the outcome of the working group on the regulation of property agents after its chair Lord Best revealed its report will be delivered to the housing minister on Monday.
Lord Best yesterday revealed his working group will recommend agents should be regulated and would need minimum qualifications in order to trade legally.
He said trade bodies and organisations such as the The Property Ombudsman could feed into the code of conduct but did not give any clues as to who the regulator might be – for example, whether NAEA Propertymark, the RICS, TPO or an entirely new body would take the role.
There was also no indication on whether the rules would just apply in England.
Lord Best said the qualifications would be specific to the type of work an agent does and added there would be no grandfathering, but there is already speculation online as to what this would involve.
I doubt the bar would be set particularly high.
— James Wyatt (@James_Wyatt) July 10, 2019
A spokesperson for the Ministry of Housing, Communities and Local Government, 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 this important issue.”