Should estate agents be regulated?

Thursday 16 September 2021

A panel of politicians has launched a review into whether estate agents should be regulated.

Currently, Jersey estate agents do not have to belong to any approved professional body, hold any specific qualifications or follow a code of conduct.

After discussions with the Jersey Estate Agents Association, who said the current situation gives rise to several risks, the Economic Affairs Panel has decided to investigate whether a watchdog is needed.

The Panel - chaired by Deputy David Johnson, sitting with Senator Steve Pallett and Deputy Steve Luce - say their review will:

• “compare the scope of regulations that apply in other jurisdictions, including the UK, Guernsey and the EU;
• “identify the total number of active estate agents in Jersey, including those who belong to a professional body, and assess their adherence to a code of conduct in the absence of a regulatory framework;
• “identify all existing regulation of Jersey estate agents and the cost and administrative burden to the regulator and estate agents;
• “[and] assess the extent to which the regulation of estate agents could improve the experience of buying and selling property in Jersey.”

It will also consider the potential administrative burden and financial costs associated with setting up a watchdog.

“This is an area where I consider some form of review is long overdue," Deputy Johnson. "It is clear from both the Residential Property Transaction Review report published in 2018 and this Panel’s own recent online survey, that many members of the public are supportive of the idea that all local estate agents should be members of an approved professional body and adhere to a code of conduct.

"The Panel has therefore decided to conduct a review as to whether regulation in some form is necessary or advisable.”