Following consultation, The Ministry of Housing, Communities & Local Government (MHCLG) has announced the formation of the Regulation of Property Agents Working Group, chaired by Lord Best.
The membership of the working group is to be:
- Royal Institution of Chartered Surveyors (RICS)
- Association of Residential Letting Agents (ARLA Propertymark)
- National Association of Estate Agents (NAEA Propertymark)
- National Trading Standards (NTS)
- Professor Christopher Hodges, Oxford University
- Institute of Residential Property Management (IRPM)
- Leasehold Advisory Service (LEASE)
- National Landlords Association (NLA)
- Citizens Advice
- Ombudsman Services
There have been some concerns within the property management industry that the Association of Residential Managing Agents (ARMA) has not been included within the group – the findings of which will significantly impact their membership. However, the working group has since confirmed that stakeholders such as ARMA will be widely consulted with.
It has been stated that the working group will be looking at:
- advice to the government on a model for an independent property agent regulator
- a single, mandatory and legally-enforceable Code of Practice for property agents;
- a system of minimum entry requirements and continuing professional development for property agents
- fees, charges and ability to choose a managing agent for leaseholders and freeholders
