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A group of leading industry players, including the IRPM, announced today that they are developing a new code of practice for property agents.
The group chaired by Labour Peer Baroness Dianne Hayter, includes representatives from a wide range of interest groups including professional bodies, lettings, estate agents and landlords associations, redress schemes, leasehold advisory services, Trading Standards, the Property Ombudsman, the courts and government.
A year on from publication of the Regulation of Property Agents (RoPA) recommendations, the group has been charged with producing an overarching code of conduct for residential property agents. The RoPA report, published in July 2019, called for a number of changes to drive up standards in the industry and improve transparency and accountability for consumers. These include:
The code is expected to outline a set of high-level set of principles that will apply to all residential property agents. However, specific detail aimed directly at the lettings, estate agency and property management sectors will also be included.
The new code will go out for public consultation later this month with the aim of producing the final version by the end of the year. Once approved, the new guidelines will be handed over to the independent regulator, once that role has been established.
Andrew Bulmer, CEO of the IRPM said: “We have waited a year for the government to act on the recommendations of Lord Best’s RoPa working group so we are delighted to announce that we are now working on a new code of practice for agents that is long overdue. With almost 5,000 members in the property management sector, the IRPM has a key role to play in this important step forward for our industry and we are determined to ensure that the high level principles will help to set clear expectations on the work agents undertake, while placing the customer at the heart of what we do”.