Rayner says watchdog will rein in 'cowboy' leasehold property agents

Rayner announced that a new watchdog will be empowered to rein in 'cowboy' leasehold property agents. The regulator will be able to set codes of practice, define standards of behaviour and complaint handling, and require agents to obtain a licence. Should agents fail to meet those standards, the watchdog will have authority to withdraw their licences, the government said. It remains uncertain whether traditional estate agents fall within the scope of the new regime. The government indicated it intends to introduce the reforms “as soon as possible”. Rayner added that the forthcoming legislation will grant the regulator powers to impose caps on service and administration fees that leaseholders pay to landlords. Those caps would apply to freehold and privately managed estates, limiting any additional charges leaseholders might incur for cosmetic alterations or for requesting documents such as building information certificates. A national consultation will be launched to help determine the appropriate level of those caps. The measures build on an existing £250 limit on annual ground rents for leaseholders in England and Wales, which has been stalled since the recent change of prime minister over the summer. The government projects that the ground‑rent restriction will come into force in late 2028, although MPs have urged that it be brought forward to late 2027. Rayner described her approach as “capping and past scrapping” ground rents, suggesting she may pursue a more ambitious reform than a simple ceiling. In her remarks she did not reference the government’s pledge to deliver 1.5 million new homes in England before the next election, acknowledging earlier that the prospect of achieving that target amounted to only a “slim chance”. Last week ministers unveiled a new “Your First Home” scheme aimed at first‑time buyers in England, offering a 2.5 % deposit loan