Property Agents: Regulation

Lord Kennedy of Southwark Excerpts

Thursday 18th April 2024 Lords Chamber

Asked by

[Lord Kennedy of Southwark]

To ask His Majesty’s Government whether they plan to introduce an independent property-agent regulator, to deliver a legally enforceable code of practice for property agents.

[Lord Kennedy of Southwark (Lab Co-op)]

My Lords, I beg leave to ask the Question standing in my name on the Order Paper, and I draw the House’s attention to my relevant registered interests and to the fact that I am a leaseholder.

[The Parliamentary Under-Secretary of State, Department for Levelling Up, Housing & Communities (Baroness Swinburne) (Con)]

The Government are committed to raising professionalism among property agents. Property agents must already belong to a redress scheme. The Government’s Leasehold and Freehold Reform Bill and Renters (Reform) Bill will help drive up overall standards. Legislating to set up a new regulator would, however, require significant additional legislative time that we do not have in this Parliament. We will meanwhile continue to work with industry on improving best practice, including on codes of practice.

[Lord Kennedy of Southwark (Lab Co-op)]

My Lords, the Government received the report from the noble Lord, Lord Best, in the last Parliament, in July 2019. Can the Minister explain to the House what the Government have been doing for the past five years on this issue? There is widespread agreement on what needs to be done. From the outside, it looks like the Government are reluctant, unenthusiastic, disinclined and generally unwilling to address the issue.

[Baroness Swinburne (Con)]

I appreciate the time delay and am exceedingly grateful to the noble Lord, Lord Best, for the report from him and his working group, which included more than 50 recommendations cutting across different housing tenures. We are developing key primary legislation to address the fundamental power imbalance that exists in parts of the housing market. Through the Renters (Reform) Bill and the Leasehold and Freehold Reform Bill, we are taking forward specific recommendations from the noble Lord’s report, and we will keep the question of further regulation for the sector under review.