Regulation of Property Agents Working Group

Lord Best Excerpts

Wednesday 20th October 2021 Lords Chamber

[Lord Greenhalgh (Con)]

My noble friend should note that the Government welcome the final report of the independent Regulation of Property Agents Working Group, chaired by the noble Lord, Lord Best. The Government have been clear about the need to raise professionalism and standards among property agents, which is why we tasked a group of experts from across industry, led by our highly experienced chair, to advise on the best way to secure this objective. The working group’s report and recommendations are an important development towards ensuring that all consumers are treated fairly and all agents work to the same high standards.

[Lord Best (CB)]

My Lords, as noble Lords have mentioned, I chaired the Government’s working group on regulation of property agents. I am very grateful to the noble Baroness, Lady Hayter, for her sterling ongoing work on this issue. Bearing in mind that the leading industry bodies for estate, lettings and managing agents were all on our working group, as well as consumer experts; our recommendations for a regulator of property agents were unanimous and favourably received by Ministers; the cost of a regulator would fall on the industry rather than on the Government; and I delivered our report over two years ago, may I press the Minister to confirm that there will at least be news of the necessary legislation within six months?

[Lord Greenhalgh (Con)]

I take this opportunity to pay tribute to the work undertaken by the noble Lord on the wide-ranging recommendations contained in the final report from his working group. I am grateful to him and to all those who contributed. However, he will appreciate that this is a complex area with many interdependencies. Having paused work on it at the height of the Covid-19 pandemic, we continue to consider the recommendations in the noble Lord’s report.