Housing Minister announces intention to Regulate the Property Sector
Ahead of the BBC’s ‘Leasehold Day’ on the 22nd November 2024, the Housing Minister, Matthew Pennycook, unveiled the government’s plan to transform the property sector by abolishing the leasehold system and replacing it with commonhold as the default tenure.
This pivotal reform is set to be implemented within the current parliamentary term, possibly alongside the long-awaited introduction of the Regulation of Property Agents (ROPA).
The ROPA report, published in 2019, with Lord Best chairing the working group, highlighted the necessity for property agents to possess formal qualifications, ensuring they have the requisite knowledge and skills to serve clients effectively.
ROPA is back on the Agenda
Housing minister Matthew Pennycook has confirmed that that the proposed reforms of regulating the private rented sector are still on the agenda. .
The Minister was responding to a question tabled in the House of Commons during the committee stage of the Renters Rights Bill and was asked if the recommendations of the Regulation of Property Agents (RoPA) Working Group would be implemented.
The minister confirmed :- “The government is committed to ensuring that those living in the rented and leasehold sectors are protected from abuse and poor service at the hands of unscrupulous property agents. The Government will set out its position on the regulation of letting, management and estate agents in due course.”