The discussion covered a broad range of issues associated with potential changes of how the lettings market could be regulated and monitored.

It was widely agreed that despite the industry making great strides over the past five or so years in improving professional standards there is more work to be done, and scope for further improvement. Therefore, it is vital that the Government’s Green Paper, in response to the Rugg Review, advances to White Paper stage before next year’s general election, in order to enhance the chances of the incoming Government progressing it further, and ultimately bringing it to formal legislation.

Whilst it was agreed that this step is necessary to avoid the work that has been done over the past five years being wasted, there was also concern expressed that any new legislation introduced, whilst deemed an essential step given that complaints from both landlords and tenants are increasing, shouldn’t get in the way of further improvement of standards and professionalism. It was also suggested that any legislation introduced needed to be done so in a phased manner and, in order to guarantee its successful implementation, should be ‘grandfathered’ or ‘championed’.

The issue of exactly what form legislation should take was a contentious one, with a number of views being expressed. With private landlords accounting for approximately 50 per cent of the PRS, it is essential that any legislation introduced should be all encompassing, covering both private landlords and agents. Concern was raised that if agents were solely targeted, there was a major risk that they would be blamed for all the industry’s sins. However, a fine balance must be achieved as introducing legislation that results in private landlords being forced out of the market could have a catastrophic impact on the lettings industry and severely impact its ability to play a major role in solving the UK’s housing shortage.

With specific regard to lettings agents, the question was posed as to whether individuals or firms should be regulated. Whilst there is no easy answer to this, there was consensus agreement that the responsibility lay with senior partners at lettings agents, whose role it was to ensure compliance from all employees.

The final issue raised was one of consumer education. Any work done towards improving standards and professionalism, or introducing legislation, would be wasted unless agents made significant improvements in marketing their services and qualifications to consumers. Landlords and tenants alike need to be educated about the importance of engaging with agents that are members of an established industry body, adhere to professional standards and answer to an established system of redress. Only by conveying the importance of this, and what it means to consumers in terms of the quality of service provided, would it encourage consumers to actively seek out those agents that embody professionalism and excellence, and hence drive forward standards in the industry.