Scrutiny to assess whether Jersey estate agents should be regulated
The Economic and International Affairs Scrutiny Panel is commencing a review examining whether estate agents in Jersey should be regulated. Currently, Jersey estate agents are not required to belong to an approved professional body, hold a professional qualification, or adhere to a code of conduct.
Following discussions with the Jersey Estate Agents Association (JEAA), which highlighted several risks in the absence of regulation, and a public survey which demonstrated a majority in favour of regulation, the Panel’s review will aim to:
- 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
- Assess the extent to which the regulation of estate agents could improve the experience of buying and selling property in Jersey
The Panel will seek to engage with the Law Officers’ Department regarding the framework for estate agent specific legislation and all stakeholders involved in property transactions, to gauge their views on regulating Jersey estate agents.
Deputy David Johnson, Chair of the Panel, said “This is an area where I consider some form of review is long overdue. 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.”
The Panel will look to present a report to the States Assembly, including recommendations for the Chief Minister and the Minister for Children and Education, in early December 2021.
Scrutiny Press Release.