The Department for Business and Trade (DBT) has published in-depth advice for anti-money laundering (AML) regulated firms to explain the legal protections around sharing client data. The Economic Crime and Corporate Transparency (ECCT) Act 2023 introduced provisions that allow businesses to tackle AML by voluntarily sharing and receiving information, however, agents have raised concerns that they may be liable for breaches of confidentiality.

For many property agents, self-assessment tax returns are the norm. Created in 1996, self-assessment has streamlined tax collection for those with untaxed income who declare and pay tax on it and has evolved into an online mechanism for digital tax returns.

From 9 December 2024, fees will double for accessing and obtaining copies of title plans and registers – the first change to the cost in more than 10 years – and customers with automated systems are advised to make the necessary changes to their systems before the implementation date. According to HMLR, even with this increase, most customers will pay less than in 1992.

The Ministry of Housing, Communities and Local Government has launched a new initiative to speed up the completion of stalled housing developments across England, estimating it could deliver 300,000 new homes. The announcement comes hot on the heels of a warning from the New Homes Ombudsman that only 55% of new builds are currently covered by its service.

Property agents must obtain a certificate confirming membership of an approved Client Money Protection (CMP) scheme and meet specific in-branch and online display requirements to comply with the law. Breaches can result in civil penalties of up to £5,000.

Complaints from residents and businesses have prompted authorities in Warwickshire to remind sales and letting agents that they must comply with the law on advertising boards, or they could be penalised by the local planning authority. The consequences of illegal or poorly maintained boards can include injury or nuisance to the public, damage to the reputation of property businesses, and potential fines of up to £2,500 per board.

In April 2024, HMRC announced fines of over £1.6 million for agents found to have committed various breaches, and we are concerned that agents, including some Propertymark members, may be incorrectly applying, failing to apply or not maintaining an accurate and up-to-date registration with HMRC.

For many self-employed property agents, self-assessment is how they declare their tax liabilities. However, self-assessment has only been in place since 1996 and was created to streamline the tax collection process for those with untaxed income who declare and pay tax on it. With the move to an online service, HMRC went from zero to 97% of Self-assessment filers submitting their tax returns online.

In its 2023 Annual Review, The Property Ombudsman (TPO) reported that it resolved 1,663 sales disputes last year, with the main concerns arising from instructions and fees, the under-offer period, and marketing and advertising. Issues of conditional selling and buyer reservation fees were highlighted as key concerns.

This decade has presented a near total transformation of the property sector with reduced confidence and supply, economic and interest rate uncertainty, dramatic changes in the conduct of consumers, new expectations among the workforce and the introduction of AI, the consequences of which are still being understood. As the only professional body dedicated to supporting sales, lettings, commercial agents, and auctioneers, Propertymark has reassessed not only the services we offer, but the whole structure of membership.

We have received requested advice in respect the use of stock images or artistic impressions in property advertising and scenarios where it is acceptable to use these types of images.

There are numerous ways that upfront information can help agents in today’s property market, including making it easier to value and list a property, and streamlining the buying and selling process . Propertymark encourages members to verify property details with HM Land Registry (HMLR) as best practice, particularly following the publication of Trading Standards’ full material information guidance in November 2023.

Agents mustn't become complacent when it comes to property sales and lettings boards, as badly maintained, or illegally erected ones can cause injury or nuisance and could result in legal action.

Although the General Data Protection Regulation has been with us since 2018, for many organisations it has remained a complex piece of legislation, difficult to navigate and something that always sits at a bottom of a to do list. With that in mind, Propertymark has partnered with Risk Evolves to give members access to free training opportunities throughout 2024.

The National Trading Standards Estate and Letting Agency Team (NTSELAT) has released comprehensive new guidelines covering all three phases of the programme, which aims to improve and standardise disclosures in property listings, helping agents to meet their legal obligations.