The OFT’s regulatory powers arise under most of the legislation that affects estate agents including the latest – the 2007 HIP and EPC Regulations (for more detail on these see Fact Sheet 2). 

The OFT has power to warn estate agents about their behaviour and practices and also to make banning orders that can prevent an estate agent from working in a specified field or in the property industry altogether. 

The OFT website can be accessed at www.oft.gov.uk. Details of those agents who have been disciplined by the OFT are published on this site as are details of consultations and reports into the property market. 

The National Association of Estate Agents (NAEA) also regulates estate agents but only those that are members.  There is currently no obligation to belong to the NAEA (but see Fact Sheet 2 regarding complaint and redress schemes).  The NAEA has published a Code of Practice and requires its members to adhere to professional Rules of Conduct.  Failure to do so can result in financial penalties and potentially expulsion from membership of the Association.  It is now mandatory for members of the NAEA to belong to the Ombudsman for Estate Agents scheme. 

The NAEA website address is www.naea.co.uk.  It provides information and news for the industry and also for consumers.

The Ombudsman for Estate Agents has acquired increased and extended powers as a result of the HIPs legislation.  Its site has also expanded as a result – www.oea.co.uk and, like the NAEA site, has information for consumers and agents alike.  Its Code of practice can be accessed as can its complaints and redress scheme procedures – the OEA is an approved complaints and redress scheme under the HIPs legislation (see fact Sheet 2).  Its remit covers both selling and letting agents. 

PerPro can help with regulatory matters – if you have a specific concern or query contact us for help.