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RICS endorses the view that consumers should be central to any reform, with emphasis placed on providing better information and basic protections for any person buying, selling or letting property.
Sir Bryan's review highlights three key issues that should be the foundations for reform: The property transaction process and the provision of information for consumers need revision Home Information Packs (HIPs), introduced in England and Wales, have not improved the process as intended; Regulation and redress schemes need to be consistent with universal participation and consumer interests need to be at the heart of all policy making
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Citing research from Which?, the OFT and ComRes, Sir Bryan concluded that the current transaction process is unsatisfactory for those who use it.
He also stated that those who offer estate and letting agency services to the public, must be qualified and properly regulated.
Speaking at the launch of the independent report, Gillian Charlesworth RICS Director of External Affairs emphasised the value of taking steps now.
She said: "Sir Bryan's review highlights a number of key areas where the current approach is clearly failing.
"The processes for regulation and redress do not go far enough to protect the consumer and we agree that participation in regulatory and redress schemes needs to be both consistent and universal.
"They should include all estate agents, letting agents, managing agents and landlords.
"The Industry itself is already coming together to tackle these issues, through the creation of the Industry Standards board, however there are limitations as to what this voluntary approach can achieve.
"It is important that we all take steps now to make the necessary improvements.
"We need action not words. Government needs to acknowledge this, deliver its support for Industry action and do more to protect the public."
RICS will now undertake an in-depth consultation with the aim of developing a formal response to Sir Bryan's recommendations.
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