Letting agents support stronger regulation

Letting agents have voiced strong support for greater government regulation of the sector, according to a new survey.

Findings from GetAgent reveal that 92% of estate agents across England and Wales back government plans to introduce stronger regulation of the industry.

The findings come as the government has committed to consulting in 2027 on the introduction of mandatory qualifications for estate and letting agents in England, Wales and Northern Ireland.

Only 7% of letting agents believe existing regulation is sufficient

According to the data, nearly half (48%) of letting agents believe rogue or substandard operators are currently a problem in their local market.

When asked what they believe most commonly makes an agency rogue or substandard, poor knowledge of property law and regulation emerged as the leading factor, cited by 21% of respondents.

Aggressive or unethical sales practices and misleading marketing or withholding important information followed at 16% each, while hidden fees or unclear charges and inexperienced or poorly trained staff were both cited by 15%.

Only 7% of letting agents believe existing regulation is sufficient, while only 2% feel the industry is already over-regulated.

When asked which measures would be most effective in improving standards, a legally enforceable code of conduct and minimum professional qualifications ranked joint top, each cited by 16% of respondents.

Strong support for greater regulation

Colby Short, co-founder and CEO of GetAgent, said: “Good estate agents work hard to build trust with sellers, provide sound advice and deliver the best possible result. Unfortunately, it only takes a relatively small number of operators falling short of those standards to damage confidence in the wider profession, and that’s clearly a frustration being felt by agents across the industry.

“It’s encouraging to see such strong support for greater regulation, particularly when agents themselves recognise the potential costs and administrative challenges involved. Reputable agents already hold themselves to high professional standards, and stronger regulation should ensure those standards are upheld consistently across the industry.

“Of course, regulation needs to deliver more than additional paperwork. The real value will come from tackling poor practices, protecting consumer confidence and creating a fairer environment where quality agents can compete on the strength of their service and results.”

Potential challenges

However, letting agents also raised concerns over the potential challenges of introducing a more comprehensive regulatory framework.

According to the data, increased costs for agencies ranked as the biggest potential downside at 23%, closely followed by concerns that regulation could become a box-ticking exercise (22%).

A further 15% said the additional administrative burden, while the same proportion expressed concern that smaller agencies could struggle to comply.