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Regulation of Estate Agents in the UK Property Market - Coursework Example

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The paper “Regulation of Estate Agents in the UK Property Market” illustrates relevant ways of regulating the realtors’ work, the expediency of exempting them from compulsory licensing, the need to follow the corporate ethics of their companies, and accountability to the related regulations.
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Regulation of Estate Agents in the UK Property Market
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Download file to see previous pages The UK property market is still under the control of traditional estate agents. According to BIS (September 2012), in 2007 there were 1.6 million housing property transactions in the UK with an aggregate value of £361 billion. The economic recession has caused a huge downfall in the sale and purchase of housing properties. Till 2009, the graph of transactions was high on the reducing and marginally got upward to 884,000 in 2011. There are nearly 14,000 traditional housing estate agent offices in the UK. The traditional UK estate agency market was worth nearly £4.2 billion in 2007, excluding fees for ancillary services, which got reduced to £2.1 billion in 2008, primarily because of the huge reduction in transactions. Almost all estate agents represent themselves online and most of them advertise their property details through one of the leading property marketing portals. These portals facilitate buyers to find properties by communicating with the related estate agents.
As per the Standard Note: SN/SP/6000, the control of private sector letting has a case for and against additional regulation. Standards are lacking in the private rented sector, as revealed in research. For example, the Resolution Foundation issued ‘Renting in the dark: creating a lettings market that works for tenants’ in December 2011. It was revealed that there was “a lack of consumer confidence and professionalism in parts of the market” which has caused “numerous calls from the industry, tenant and landlord groups for regulation”. Industry, landlords, and tenants are important stakeholders. ...Download file to see next pagesRead More
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