Chelsea Square Supports RICS Response To Proposed Estate Agents Act Amendments

Online, August 29, 2012 (Newswire.com) - Prominent North West London estate agency, Chelsea Square Partnership has read with interest a letter written by the Royal Institute of Chartered Surveyors (RICS) on 7th August to the government that sets out its response to a formal proposal by the RICS to amend the current Estate Agents Act of 1979.

The proposed amendments are an attempt by the government to reduce regulatory burdens on businesses in the property sector and help stimulate economic growth. Current definitions of 'estate agency' laid out in the 1979 Act have not been updated to account for the rise of internet-based organisations that often only offer 'passive interactions', i.e. providing services such as property databases or search directories without offering specific advice or handling client money on for either the buyer or vendor.

The proposed Government amendment would exclude businesses such as these from the scope of the Act, thus reducing red tape and removing uncertainty across the whole industry around compliance towards the Act. This will, in turn, help both new and existing businesses work within the correct parameters, as well as provide customers with clearer information to help them choose the right provider for their needs. The RICS has confirmed its support for the amendment, stating that accurate wording is needed to stop uncertainty and encourage new growth. In addition, the amendment should be part of wider legislative reform in this area.

Ray Jacobs of Chelsea Square Partnership says: "The original scope of the Estate Agents Act 1979 could now be considered too broad in its description of what estate agency services constitute, as the industry has grown and developed at a rapid pace over the past 30+ years. In addition, the Act's existing regulations have been superseded by the invention and rise of the Internet, which has brought with it new ways of working that could not have been foreseen in 1979.

"Therefore we agree with the RICS' support of the proposed change to the Act, which will take into account these new ways of working at the same time as reducing complicated regulatory compliance that could put new businesses off entering the market. We also applaud the efforts being made to clarify matters for our customers, who will benefit from being able to make better-informed choices if the proposed amendments take effect. We will watch proceedings with interest."

Chelsea Square Partnership offers buyers a wide range of properties across North West London through its large database of houses, flats and apartments. The agency provides free appraisals for people looking to sell their property too, before managing viewings, vetting potential buyers and negotiating on their client's behalf.

Chelsea Square Partnership also runs a [url:http://www.chelsea-square.co.uk/rent/]lettings and property management service for homeowners, professional and accidental landlords, from initial market appraisal through to referencing of tenants, creation of tenancy agreements, electrical installation and appliance testing and gas safety certification, registration of security deposits etc. It offers moving advice too, as well as a full residential refurbishment service, such as loft conversions and architectural services taylor made to the clients requirement.The Royal Institute of Chartered Surveyors is the leading organisation of its kind in the world for professionals in property, construction, land and related environmental issues. It regulates and maintains professional standards of over 100,000 qualified members across 146 countries.

RICS' response to the proposal can be downloaded at http://www.rics.org/site/scripts/news_article.aspx?newsID=2781.