Government is focusing on estate agents
These measures were announced by Sajid Javid, the Housing Secretary, and they are aimed at estate agents. Estate agents will need to obtain a professional qualification and they will also have to disclose any payments they receive when referring customers to other professionals like mortgage brokers, surveyors and solicitors. These measures have been introduced by the Government to streamline the property market and influence sales.
It is also hoped that these measures will discourage agents from gazumping. This is where a higher offer is accepted after a deal is in place with another buyer.
Rogue agents negatively impact on the market
There are also measures that are focused on eliminating rogue agents from the market. This is something that most people in the property market are likely to support. Rogue agents cause problems for buyers and sellers, but they also create issues for the agents that perform in an accepted manner. Rogue agents cause people to form a negative opinion on the property market and the professionals in the market so removing these people can create more confidence in the work that estate agents carry out.
Another measure that the Government is looking to take is to strengthen the National Trading Standards Estate Agency. This will hopefully allow this body to carry out enforcement which could see rogue agents being banned from operating.
There has been backing for these measures from NAEA Propertymark, an organisation which represents estate agents. Mark Hayward is the Chief Executive of the organisation and in a prepared statement, he said; “We have long argued that estate agents should be recognised as professionals. This is an important step towards achieving this and we look forward to working with the government.”
One other measure that will help many within the industry is that agents and freeholders will be expected to provide pertinent and up-to-date information to new buyers. This information will be provided for a set fee.
If you are looking to make a move soon or you wish to be fully informed about the property market, be sure to contact Austin Property Services. We are delighted to say that we are highly experienced agents with a focus on the local market. These are challenging times when it comes to buying and selling homes, but with our assistance, we are sure you can achieve success in the property market.