The Government has been criticised again for not doing enough about introducing a reimbursement scheme for people who have been affected by rogue traders. The National Association of Estate Agents and the Halifax Estate Agent are calling for the government to introduce regulations for Estate Agents and would like to see the introduction of a compulsory licensing scheme.
The Halifax Estate Agency has also suggested that a summary box giving clients key information is to be introduced. Both companies agree that the regulation need not be complicated, as it would only increase the red tape.
Our view
Estate agents have a role to perform and with the introduction of Home Information Packs, we see this as the first step to regulation in real estate sales. This will be a good thing if it protects the consumer but a poor thing if ‘red tape’ is so complex that costs increase and these costs then are passed to the consumer.