Propertymark is urging the real estate agency industry to prepare for regulation amid growing calls for government regulation of the sector. Tensions in the industry were heightened as the House of Lords Industry and Regulation committee passed information to the housing secretary, Michael Gove, that tenants and leaseholders were being affected by the UK government's delayed regulatory decision.

The committee recommended a memorandum of understanding between the new regulator, the National Trading Standards Board, and the redress scheme to ensure a more coordinated approach to working together. At the same time, they are calling on the UK government to strengthen regulation through legislation appointing an ombudsman for statutory consumer representatives.

Since 2019, calls for the regulation of real estate agents have been reverberating through the industry. The task force led by Lord Best made a number of recommendations, including that all estate agents should be licensed and adhere to a code of conduct and hold at least Level 3 qualifications. These proposals have long been a target of the Propertymark organisation.

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In addition, the task force recommended that company directors and managing agents should hold Level 4 qualifications or above, and that a new regulatory body be established to oversee compliance in the industry. Although legislation regulating letting agents already exists in Wales and Scotland, the focus of the Estate Agents Regulation Working Group is on letting and managing agents in England and estate agents across the UK.

Propertymark chief executive Nathan Emmerson said: "The estate agency sector is under increasing regulatory pressure. By joining Propertymark, agents will be better placed to accept recommendations from Lord Best's working group. For estate agents who are not yet members of a professional body, now is the time to make membership a priority to help them stay ahead of one of the most important changes in the industry."

Real estate and letting agents have the opportunity to support their career development by acquiring qualifications offered by Propertymark, including tertiary qualifications in letting and property management, auctions and more. There is also a new Level 4 qualification available for those who wish to increase their knowledge or move towards a leadership role in the sales, rental, commercial and auction sectors.