Industry regulation to deliver consumer confidence

From Robert Ulph on November 22, 2021

At a recent event, industry experts discussed various ways confidence can be built in the private rented sector (PRS) and what needs to be done to achieve that. 

The PRS is a vital part of the country’s housing, doubling in size over the past 25 years with now nearly 13 million renters in the UK, the private rented sector represents 20% of all households. Despite this, often a negative image is portrayed in some media, focusing on a minority of cases that reflect poorly on the reality of a sector that provides much-needed homes for people, with landlords and letting agents who care for their tenants. 

The panel, which represented various industry bodies and commercial organisations, looked at ways to combat the negative reputation in the public eye and a key conclusion was how important it is to professionalise the sector. Panellists agreed that the introduction of Regulation of Property Agents (RoPA) will help improve the standards of landlords and agents and therefore naturally increase consumer confidence in the industry. 

I am a long-term supporter of regulation across our industry and I welcome the increased focus from this latest event. I have always taken the view that if we see any professional, an accountant or solicitor for example, for advice and use of their services, we expect them to adhere to a set of principles, Regulation for agents who are entrusted with property, the most expensive asset any of us will ever own and the significant amounts of money that come with the work too, is obvious to me.

As well as looking at ways to build consumer confidence with tenants and more generally, interestingly the panel also looked at how landlords can also benefit from understanding more about aspects of a letting agent’s role. Described as unveiling the complexity of the role, it was highlighted that an understanding of the detail required to provide a comprehensive service would be beneficial to landlords when deciding which agencies to work with.

At Pennington we pride ourselves on our long-term association with Propertymark and the best advice I can give is to get assistance from a professionally qualified agent, who is Propertymark licensed. With over 125 individual pieces of legislation that now govern the sector, there is potentially a huge burden on the many small, private landlords that we have and who are relied upon to provide this much-needed housing. Our focus is on delivering the service that eases this burden.

You can easily check any credentials and by using a licensed agent, landlords (and tenants) will have the peace of mind their agent will provide a professional service and adhere to industry standards, giving protection for the property and all money associated with it.

If you need any advice on this or would like to discuss any other matters on the local property market, please do not hesitate to contact me.