The Royal Institute of Chartered Surveyors (RICS) has joined forces with the National Association of Estate Agents (NAEA) and the Association of Residential Lettings Agents (ARLA) to create a wide ranging review of the residential property sector.
The review, called The Carsberg Review of Residential Property, will be presented to the Government in the hope it will consider any recommendations made.
Sir Bryan Carsberg, former director general of the Office of Fair Trading, will chair the review focusing on standards, regulation and redress in the residential property sector, as well as examining the buying and selling process.
The tasks Sir Carsberg will undertake include;
- Examining practices in buying, selling, letting and renting residential property from the perspective of consumers, professionals and government.
- Consulting with stakeholders from all groups with an interest in residential property.
- Highlighting pressure points in processes, regulatory frameworks and markets.
- Analysing market developments and opportunities within and outside existing frameworks.
One area which will receive particular attention is Government intervention in the property market, principally HIPs and EPCs.
.Sir Carsberg says recent intervention from the Government has raised questions about attitudes to residential property which need to be investigated.
“The frameworks surrounding Home Information Packs and Energy Performance Certificates have introduced significant new regulatory and redress structures into relatively low risk aspects of the property transaction while leaving consumers in other parts of the sector, that may carry higher risks, apparently exposed," he says.
The review will be open to written submissions and will also include a number of select committee style hearings to question evidence from key stakeholders.
The deadline for responses to the review is Monday 7 January 2008.
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