Regulation of Jersey Estate Agents

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 has presented it's Report

1. To follow-up on the previous recommendations of the Residential Property Transactions Review Panel (2018). 
2. To explore the current regulatory, or similar, oversight of Jersey estate agents, including compliance with Schedule 2 of the Proceeds of Crime (Jersey) Law 19991, and an assessment of Jersey estate agent accountability to codes of practice and professional bodies. 
3. To examine the administrative burden and financial costs of establishing regulatory oversight of Jersey estate agents. 
4. To assess the benefits to purchasers and vendors of regulating Jersey estate agent practices. 
5. To examine any potential impact, positive and negative, from a change in the property transaction process brought about by regulation of estate agents in Jersey, on all relevant stakeholders.