A report examining the need for Jersey estate agents to be regulated has been published by the Economic and International Affairs Scrutiny Panel.
The Panel found that, unlike the UK, Jersey estate agents are not legally required to belong to a redress scheme, which deals with disputes between consumers and estate agents. Whilst approximately 40% of estate agents practising in Jersey have voluntarily become members of an approved redress scheme, the Panel recommends that this becomes a mandatory requirement. It is the Panel’s view that this could provide the first step towards a regulated estate agency market in Jersey and greater protections for consumers.
Throughout its review, stakeholder engagement revealed concerns over the lack of regulation or requirement for membership within an association and low barriers to entry into estate agency. The Panel identified various pieces of estate agent specific legislation in the UK and the EU and recommends that a consultation is launched to investigate estate agent specific legislation for Jersey. In addition, the Panel requests that any future estate agent regulation considers the recommendations of the UK Regulation of Property Agents report.
Chair of the Economic and International Affairs Scrutiny Panel, Deputy David Johnson, said: “Our engagement with stakeholders throughout this review has raised several concerns about the lack of regulation and accountability of estate agents in Jersey. We hope, however, that the recommendations outlined in our report will initiate steps towards achieving a regulatory environment that improves the sector for both consumers and estate agents. With well-established legislation and rules governing estate agents in the UK, we believe it is time for Jersey’s Government to begin a ‘phased in’ approach towards a regulatory estate agency market which matches the high regulatory standards of other Jersey industries.”
Scrutiny Press Release.