In response to the Government’s publication of the Regulation of Property Agents Working Group report, Mark Ross, Managing Director of Redbrik Estate Agents said:
“As a business, we welcome the announcement of the new regulations that will help drive our industry forward.
“This is fantastic news for the property sector as it will lead to increased professionalisation and bring confidence to those buying or selling, as well as those thinking of pursuing a career within the industry. The increased focus on ethics and behaviour is a massive step in the right direction.
“We pride ourselves on exceptional staff training to ensure we deliver the best service here at Redbrik, and we look forward to the changes this cultural shift will bring across the board.”
Released on Thursday, July 18 2019, the official report announced that the new regulations will cover all areas of the sector including international property agents, online-only firms, rent to rent providers, lettings and sales, auctioneers and property guardians.
The new regulator will have powers over leasehold as well as the ability to revoke licences, issue warnings and prosecute unlicensed practitioners. Agents will now be required to act with integrity, honesty and follow the codes of practice.
The report says that no existing body should take on the role, and the new regulator will be accountable to the Secretary of State. It will be funded by the firms and individuals it regulates, and it will have the power to appoint a single ombudsman if it believes this would be better than having “competing redress schemes”.