Property sector is open to scrutiny, agents claim

Property trade organisations have claimed that the sector is already open to scrutiny and transparent practices.

The National Association of Estate Agents (NAEA) and the Association of Residential Letting Agents (ARLA) have said the sector has already shown a willingness to adopt transparent practices in regard to professional fees.

It follows the publication of a recent report by the Royal Institute of Chartered Surveyors (RICS), which called for the government to improve the regulation of the sector.

Peter Bolton King, chief executive of the NAEA and ARLA said: "We expect all NAEA and ARLA members to abide by a Code of Practice, which binds them to ensure that all fees and charges are made clear. In addition, we expect the government's proposals for the regulation of lettings and management agents to further augment our work in this area."

Mr Bolton King also announced that the NAEA will soon launch a licensing scheme aimed at increasing customer assurance.

"Our members already follow the strict guidelines we have set out in regards to clear communication with consumers, but the formality of the scheme will offer house buyers and sellers even greater assurance," he added.

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