RICS welcomes formal launch of Regulation of Property Agency report

As Lord Best’s report on the regulation of property agency formally launches on the 3rd of February, RICS hopes that Government commit to placing the appropriate importance on the report’s findings.

Since 2018, RICS has been part of an industry working group led by Lord Best and supported by the Ministry of Housing, Communities and Local Government (MHCLG) to consider future models of the regulation of residential property agency in England. This week, the report will be formally launched.

The report makes a number of recommendations to protect consumers including the establishment of a new statutory regulator for property agents, with the power to approve independent Designated Professional Bodies undertaking regulation of their members and firms.

As well as developing an overarching industry code, the report also proposes introducing a minimum level of qualification and continuous professional development (CPD) for property agency professionals, as well as making it a criminal offence to practice property agency without a licence.

With more families living longer term in the private rented sector than ever, RICS hopes the adoption of the report’s recommendations will result in greater professionalism from letting agents and better trust and consistency among agents involved in the home buying and selling process.

RICS is working closely with government and the sector to ensure the changes proposed will be a success. As well as working to obtain recognition for the relevant RICS professional membership grades within the new regime, we’re also developing RICS vocational qualifications to meet the new licensing agreements which will also act as a stepping-stone to gaining globally recognised RICS professional status.

Kindly shared by Royal Institution of Chartered Surveyors (RICS)