Timothy Douglas, head of policy and campaigns at Propertymark, recently addressed the Levelling Up, Housing, and Communities Committee, chaired by Clive Betts MP, advocating for increased regulation within the property industry to improve the home buying and selling process in the UK.

Douglas emphasized the necessity of regulatory measures to ensure that property agents deliver reliable services and to support significant reforms in the leasehold and rental sectors.

He suggested that regulation could provide reassurance to consumers and streamline the home buying and selling process, which currently suffers from inefficiencies that impose significant costs on both consumers and professionals.

Douglas highlighted the comparative shortcomings of the UK system, citing countries like Australia, Norway, and the USA as examples of more successful models. He pointed out the high rate of transaction failures in the UK, resulting in an annual loss to consumers of approximately £260 million.

Regarding the consequences of inadequate regulation, Douglas stated: “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 £6.7 billion 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 enhance service quality.