§ Mr. Mike Thomasasked the Secretary of State for Prices and Consumer Protection if she is yet in a position to announce her proposals for the regulation of estate agencies.
Mr. Alan WilliamsMy Department's proposals are set out in a consultative document published today. This concludes that a statutory licensing system should be established for estate agents and developers selling land or dwellings directly to the public. The licensing system would be based on that for consumer credit licences under the Consumer Credit Act 1974, and would be administered by the Director General of Fair Trading. Licences would only be issued to those who were able to satisfy the Director General that they were fit persons to carry on business as an estate agent and who undertook to comply with rules designed to protect house buyers' deposits from risk of loss through fraud or bankruptcy.
I am inviting interested parties and the general public to send their comments on these proposals to my Department by 31st January 1976.
I am arranging for copies of the consultative document to be placed in the Library.