Government commits to improve property regulation

RICS welcomes the recent statement in Parliament by Matthew Pennycook, Minister for Housing and Planning, on strengthening property regulation for letting, sales and managing agents. This builds on the earlier work of Lord Best and the Regulation of Property Agents (ROPA) that RICS helped develop.  

We support measures that enhance transparency and accountability across property management. Effective regulation and minimum levels of conduct and competency are crucial in ensuring fair service delivery for homeowners, leaseholders and tenants, who expect high standards and trust in property management.

Earlier this year, we gave evidence to the House of Lords Industry and Regulators Committee, calling on the government to establish common industry standards. We recommended that they collaborate with RICS and leverage our well-established framework to maximise cost-effectiveness, expedite implementation, and prevent duplication of efforts.

For example, RICS recently published its new global standard on property agency and management principles, which focuses on transparency, openness and expertise – helping to enhance consumer protection and the confidence and reputation of the industry.

As the leading professional body in the built environment, operating for the public advantage, RICS regulates members to the highest professional standards in the sector. We are well-placed to support government and stakeholders in implementing reforms that will create a stronger property market, underpinned by effective regulation, standards and consumer protection.