Property sector reform 'should focus on consumer'

17-Jun-2008

Regulations in the residential property market do not adequately protect consumers at the moment, it has been suggested.

The Royal Institution of Chartered Surveyors (Rics) made the claim following the release of the Carsberg Review of Residential Property, commissioned last year in response to homebuying reform implemented through 2004's Housing Act.

Representatives for the organisation said the review should form the basis of any property sector reform, which in turn should focus on providing better information and basic protections for buyers, sellers and individuals letting property.

"The processes for regulation and redress do not go far enough to protect the consumer and we agree that participation in regulatory and redress schemes needs to be both consistent and universal," remarked Gillian Charlesworth, Rics' director of external affairs.

She continued: "They should include all estate agents, letting agents, managing agents and landlords."

Concluding that "action not words" is now imperative inthe property sector, Ms Charlesworth urged the government to do more to protect the public.

Leaders were called on earlier this month to address a current shortage of new and affordable homes to ease mortgage difficulties and facilitate first-time buyers' entry to the property market.

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