The current regulatory and redress regime for UK residential property is complex, inconsistent and fragmented, says RICS and is ineffective at preventing significant consumer detriment while being confusing for businesses.

Many High Street estate and lettings agents operating in the sector are not subject to the same high professional and ethical standards as RICS members who are part of an effective, rigorous, and tried and tested regulatory regime based on the clearest standards of service and proper technical knowledge.

Most importantly RICS say their regulated agents take appropriate safeguards with clients’ money, professional indemnity insurance and consumer redress.

The surveyor’s trade association is calling on the Government to introduce a single regulation proposition for residential property aimed at preventing consumer harm and increasing consumer understanding.

Commenting on their stance, David Dalby, RICS Director of Residential said: “Enough is enough. The Government must no longer turn a blind eye to regulatory reform in the residential property sector. It must be removed from the ‘too difficult pile’ and dealt with immediately in order to create a level playing field within which all businesses can operate. As long as agents don’t have to legally meet any minimum professional standards before they start trading, the consumer is at significant risk. This must not be allowed to continue.”

Steven Gould, RICS Director of Regulation, said: “Self-regulation properly developed, implemented and effectively policed, provides the best and most effective means of ensuring consumer service and protection, without increasing the regulatory burden on business.

Gould continued: “An easy first step for the Government would be a simple amendment to the 1979 Estate Agents Act, redefining the definition of estate agents to include letting agents. This needs to be followed up by action by trading standards officers to prosecute those agents not complying with the law. Property sales and lettings are too important to be left to those unwilling to demonstrate high professional and ethical standards.”