Another area of Housing (Regulated property agents) where those in a position to say are indicating that the changes brought in under the SNP Scottish Govt have significantly improved the functioning of this sector in Scotland as compared to our neighbours to the south (note the dramatic difference in the insolvency figures). Link and snippets below from today’s Scottish legal site:
England should follow Scotland’s lead on regulation of property agents, say experts
A report by the working group on the regulation of property agents’ (ROPA) which proposes increased regulation, minimum qualifications, and the formal licensing of agents should be welcomed according to a property management firm.
David Alexander, joint managing director of Apropos by DJ Alexander Ltd, said: “Scotland already has a more regulated sector with agents required to be registered and the key decision makers qualified. However, rather than destroying the sector this has made it stronger and more effective.
“Lord Best, who chairs the ROPA working group, said that these recommendations could lead to some agencies closing but would create a better industry.
What is interesting is that Scotland, which has already been through all these changes including a code of conduct which was introduced in 2017 which is also now being proposed for England, now appears to have a more financially stable property management sector.
The number of companies entering formal insolvency procedures involved in real estate activities in Scotland fell in 2018 to its lowest figure since 2007 with just 17 companies going bust in the whole year. By contrast the number of real estate companies failing in England and Wales reached its highest level in four years in Q1 2019 with a total of 121 and the year as a whole looks likely to be similar to the previous peak which occurred during 2014 when 522 companies entered insolvency.”