As the British Government announced that estate agents will be required to have professional qualifications, a new survey has found that 82% of UK adults support the plans for industry regulation.
Some 82% of respondents to the 2018 home owner survey from YouGov on behalf of the HomeOwners Alliance and BLP Insurance backed licenses for estate agents.
The poll also found that 80% would like to see buyers show proof of funds before being able to put in an offer to buy a property and 75% support the idea of a reservation agreement requiring buyers and sellers to put down a non-refundable deposit to commit both sides earlier in the process.
The HomeOwners Alliance has been campaigning for stronger regulation of estate agents and the introduction of reservation agreements.
‘These figures mirror what we hear repeatedly from our members. Estate agents are an essential part of the home buying and selling process, but unfortunately, a number of those operating within the sector have a cavalier approach when it comes to good practice,’ said Paula Higgins, chief executive of the HomeOwners Alliance.
‘Sellers are trusting agents with their most expensive asset, and too many are receiving shoddy service. By professionalising the industry, the Government will give buyers and sellers greater peace of mind, and better practice,’ she explained.
She pointed out that it should not be a surprise that respondents support the idea of a reservation agreement. ‘An agreement between both parties should help to eliminate time wasters and prevent the heartache and cost caused by gazumping and gazundering,’ she added.
‘The Government’s willingness to trial this idea shows that they are listening to the consumer and not the vested interests of the property industry who seem to think the current system is working just fine,’ she also pointed out.
According to Kim Vernau, chief executive of BLP Insurance, the announcement from the Government is a welcome first step towards improving the house purchasing process for consumers.
‘Consumers wish to see improvements across the selling and purchasing process. The use of voluntary reservation agreements to prevent sales falling through and a crackdown on gazumping will serve to ease the stress that purchasers have to endure. Clarifying the forms of redress available to purchasers post sale would also support purchasers in resolving issues swiftly and effectively,’ added Vernau.
