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NAEA News: Government plans to launch estate agent licence 'is good for regulation'
Government plans to bring out a licence for estate agents will help to protect first time buyers and other property purchasers from unethical agents, the National Association of Estate Agents (NAEA) has stated.
Patrick Bullock, chair of the London NAEA, commented that while other professionals, such as nurses, lawyers and taxi drivers, are required to have licences for their work, estate agents are relatively free to operate without regulation.
"There are laws and things we have to comply with, and the Office of Fair Trading can enforce those, but the point is that we are just about the only country where you don't have to show you are qualified to be an estate agent," he explained.
The NAEA's licence will therefore drive more customers to look for licensed estate agents, with the view to using market forces to expand the regulatory system to all estate agent practices.
Housing minister Grant Shapps noted that this is "exactly the sort of measure the housing market needs" and said the licence is designed to deliver results.
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