New code for buy to let and wider housing sector

18 September 2009

Written by Simon Whittaker

A code of practice for estate agents, letting agents and property managers in the UK will be established by a newly-formed group that aims to set standards across the residential property sector.

The Property Standards Board is made up of a number of industry groups such as the Royal Institution of Chartered Surveyors (Rics), the National Association of Estate Agents (NAEA) and the Association of Residential Letting Agents.

Landlords with buy to let mortgages will be among those who come under scrutiny from the new group.

A statement from Rics suggested that the board will act as a focal point for better consumer information relating to processes involved in property buying, selling and renting.

Gillian Charlesworth, director of external affairs at the chartered surveyor organistaion, said: "Home purchase and renting are far too important in people's lives to be left to a sector with no commonly applied and enforced standards and where anyone can set up shop."

The Property Standards Board has been formed just as groups like the NAEA are predicting a continued upturn in the property industry in the coming few months as buyers appear to be returning to the market.

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