RoPA's proposed new regulatory framework is focused on estate agents in the UK and letting and managing agents in England. The private rented sector is a devolved issue meaning the Welsh and Scottish Governments have already introduced legislation to regulate letting agents.
RoPA's report recommends that:
- All agencies operating a residential property business should be licensed and licensing should include a fit and proper person test for company directors
- All staff delivering ‘reserved activities’ employed within residential agency business should be licensed and adhere to a Code of Practice
- All staff delivering ‘reserved activities’ employed within residential agency business should hold a qualification at Level 3 or above
- All company directors and management agents should hold a qualification at Level 4 or above
- A new regulator be appointed to oversee compliance with an overarching Code of Practice
Major concerns for the property sector have been reiterated in letters issued by Propertymark to outline actionable points for levelling up our country and communities.