‘Cowboy’ estate agents to be regulated ‘as soon as possible’
Summary
The government has announced plans to introduce independent regulation of estate, letting and property management agents, including licensing requirements, qualifications and enforceable codes of practice. It also intends to consult on capping certain administrative and permission fees charged to leaseholders and freehold estate residents.
Why it matters
This could materially change the operating environment for agents and property managers, with direct implications for compliance, complaints handling and professional standards. Surveyors involved in leasehold, valuation or transaction work may also see knock-on effects from changes to fees, transparency and consumer protections.
Key points
- Government plans independent regulation of property agents as soon as possible
- Agents would need a licence and appropriate qualifications
- A regulator would set codes of practice and could remove licences for non-compliance
- A consultation is planned on capping administrative and permission fees
- Measures are framed as improving standards, transparency and consumer trust
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