Michael Day, Managing Director of South Bucks based Integra Property Services comments on the review of the residential property market published by Sir Bryan Carsberg on 16^th June 2008.

Sir Bryan Carsberg was commissioned by the Royal Institution of Chartered Surveyors, National Association of Estate Agents and Association of Residential Letting Agents to produce a report into the residential property market and, in particular, to look at standards, regulation, redress and competition issues.

The industry was widely consulted and Sir Bryan’s final report was published on 16^th June 2008. The report focused on two main issues: whether or not active regulation of estate agents and others in the residential property field should be introduced; and whether action can be taken to improve the efficiency with which a buy/sell transaction is completed.

There are 30 recommendations in the report but the “headline grabbers” are Sir Bryan’s views that there should be a requirement for estate agents and lettings agents to have some form of recognised qualifications, for all to be covered by some form of ombudsman/redress scheme and, most controversially, for Home Information packs to become voluntary.

There is also a proposal for an industry wide code of conduct (based on the existing Ombudsman Code) with an industry council and real power to regulate the industry.

Michael Day, himself a Fellow of the RICS and NAEA commented. “Integra welcome Sir Bryan’s report which is thorough and shows a good understanding of the issues. We have long held the view that all estate and lettings agents should operate on a level playing field with minimum standards of professionalism and competence. It is currently a ludicrous situation that someone can be “banned” from operating as an estate agent in the morning and set up as a letting agent in the afternoon. The lettings market in particular would benefit from a stronger regulatory framework and higher standards.”

“Sir Bryan’s view that Home Information Packs (HIPs) should become voluntary is based on the fact that HIPs have now been “watered down” to the point where they offer little value and he feels that the market should find a better solution than Government legislation. Integra agree although the commitment to have an Energy Performance Certificate would need to remain. Integra also believe that a voluntary HIP regime may see an improvement in instruction levels and a greater “freeing up” of the market.” Michael Day added “If it is demonstrated that HIPs add value to the home moving process, then everyone will want one anyway!”

The Carsberg review document touches on many other areas within the home moving arena such as search provision, leasehold management information etc, all of which are areas where the process could be improved.

The industry will now debate the contents of Sir Bryan’s report.

A full copy of the report can be obtained from www.rics.org/carsberg