The House of Commons published on 6 August what is likely to be a definitive list of the current regulation of estate agents. It also looks at past market studies and consultations and considers in detail recent government proposals to tighten regulation.
There are no new announcements contained within the 27-page document, but the briefing covers who is responsible for estate agency regulation in the UK, and highlights all of the regulations that estate agents should be aware of.
Regulations covered include:
- Estate Agents Act 1979
- Consumer Protection from Unfair Trading Regulations 2008
- Business Protection from Misleading Marketing Regulations 2008
- Consumer Contracts (Information, Cancellation and Additional Charges) Regulations 2013
- Consumers, Estate Agents and Redress Act 2007
- Town and Country Planning (Control of Advertisements) Regulations 1992
- Money Laundering Regulations 2007
In addition to this statutory regulation, the briefing covers past market studies including the OFT market study (2004) looking into the estate agency market in England and Wales; the Carlsberg report (2008), which formed part of an inquiry into the regulation of those providing residential property services; and the OFT market study (2010), which looked at consumer satisfaction with traditional estate agents had improved in recent years.
The briefing also covers past consultations responding to calls to strengthen the regulation of estate agents and how to make the process of home buying and selling cheaper, faster, and less stressful.
Finally, the briefing concludes with an overview on the formation of the Regulation of Property Agents: WorkingGroup in 2019, and the new independent steering group on codes of practice for property agents in 2020 – initiated to ensure all consumers are treated fairly and all estate agents work to the same standards.
You can download and read the full briefing below.