Department for Communities and Local Government (DCLG) has today announced a call for evidence in preparation for a review of the house buying and selling process. NAEA Propertymark has promoted higher standards and professionalism within the industry for many years and is delighted with the announcement.
The call for evidence will focus on gazumping, lock-in agreements, guidance provided to buyers and innovative digital solutions.
The section on estate agents poses four questions:
Q1. Should the industry do more to make customers aware of how to complain?
a. If so, how?
Q2. Should the government take further action to enforce current transparency regulations regarding disclosure of referral fees?
a. If so, what action should be taken?
Q3. What would the impact be of banning referral fees?
Q4. Should the government introduce more regulation for estate agents?
a. If so, what sort of regulation would be appropriate?
This comes at a key time for the industry and further demonstrates the need for agents to differentiate their offer through displaying the Propertymark Protected logo.
The Call for Evidence states:
“Although Estate Agents are already subject to regulation, there is no requirement placed on individuals to undertake professional training before they can operate as an Estate Agent. We would welcome views on whether the government should take steps to strengthen regulation of Estate Agents.”
NAEA Propertymark has long called for better regulation of the estate agency sector to ensure that consumers are protected when dealing with their biggest asset, their home. We are pleased that Government has chosen to include overarching regulation of sales agents in the scope of their Call for Evidence into the house buying and selling process. The review is welcome, house buying and selling must be simpler and quicker.
See the call for evidence here