Timothy Douglas, head of policy and campaigns at Propertymark, jas addressed the Levelling Up, Housing and Communities Committee chaired by Clive Betts MP, advocating for increased regulation in the property industry to enhance the home buying and selling process in the UK.
Douglas highlighted the need for regulatory measures to ensure property agents provide reliable services and to support significant reforms in leasehold and rental sectors.
Douglas suggested that regulation could reassure consumers and help streamline the home buying and selling process, which currently is fraught with inefficiencies costing consumers and professionals dearly.
He noted that the UK system, in comparison to countries like Australia, Norway, and the USA, leads to numerous transaction failures, with consumers losing approximately £260m annually.
Discussing the implications of the lack of regulation, Douglas said: “Estate agency is the only part of the home buying and selling process that is unregulated.
“Not only does this disadvantage consumers, it leaves the industry vulnerable to economic crime, with an estimated £6.7bn of dirty money invested in UK property over the last eight years.”
He also called for mandatory qualifications for new entrants, ongoing professional development for agents, and a universal Code of Practice to improve service quality.