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Estate agents are calling for a lettings and management crackdown to cover the housing market. This comes after a call for tougher regulation for residential lettings and property management was issued the Department of Communities and Local Government to tackle escalating leasehold charges.
However, the estate agents insist that they are already regulated and that the scope of these planned changes should cover the entire housing market. The National Association of Estate Agents (NAEA) and the Association of Residential Letting Agents (ARLA) have both welcomed the implementation of greater regulation across the whole sector.
In a joint statement released by both agencies they said:
‘We have long called for greater regulation of the housing sector. It will give consumers greater control over who manages their property, create long needed transparency, and raise the bar for those wishing to work in the housing sector. However, it’s concerning that estate agents don’t fall under the Government’s initial scope and we urge ministers to widen the remit to include the whole housing market.’
‘We are committed to ensuring consumers receive the best level of service when looking to buy, sell, rent or lease a property. Our members are required to have deposit and client money protection schemes in place and undertake regular training. However this doesn’t stop some rogue agents from giving the industry a bad name. Blanket regulation is the right approach if we are to give consumers the confidence they deserve and reassurance that they will be treated fairly, no matter which agent they use.’
Many estate agents working in the lettings area believe that regulation is overdue. They believe it is time for the government to reign in rogue agents who have little experience and give others in the industry a bad name. For agents who are already regulated and part of the relevant associations, increased regulation will hopefully create more trust in what they are already doing.
If you would like to know more about the new regulation and how this will affect you either as a residential property owner or tenant, then get in touch with our team here at Agile. We work closely with agents and residential lettings management companies who understand the importance of good practice and the need for regulation. Hopefully, the changes will help bring to an end much of the bad behaviour that gives the industry a poor reputation.
To find out more about the local and national property market, or if you would like to chat about anything to do with property investment, give us a ring on Norwich 01603 567804 or send us a message.