Government Considers Nationalising Estate Agency Sector
The Government has today announced that it is opening a public consultation on nationalising all estate and letting agencies in the UK. Under the new proposals, all agency branches would be taken over and operated by a new publicly owned company, the Great British Property Agency.
The proposal is a further step towards the Government’s wider nationalisation ambitions.
Great British Rail is on track to take the railways back into public ownership, while both the steel and water industries have been considered for nationalisation.
The public is being asked to give their views on the proposed legislation, including on whether the owners of estate and letting agencies should be compensated or not.
Ms Lori Pafol, Spokesperson at DUPE, the Department for Under Performance and Efficiency, explains: “The cost of selling or renting a home in the UK is far too high, and it takes far too long.
“The Government are proposing this measure as part of our policy ambitions to bring down the cost of living and tackle the housing crisis.
“Currently, estate and letting agencies are predominantly small, independent local businesses. Their owners give individual, expert advice and personal service to their customers.”
Pafol added: “We think this method is a very old-fashioned and inefficient business model. The Central Government has an impressive track record of running services efficiently and at low cost, benefiting consumers.
“Nobody really likes estate and letting agents anyway. So, we are confident the great British public will welcome our proposals.”
Estate and letting agents are revolting
The proposals are already facing a revolt from agents.
Posts on social media suggest that agents across the country are planning industrial action.
Some are threatening to refuse to answer the phone when they don’t feel like it, so they can gradually bring Britain’s housing market to a halt.
The founder of one leading independent agency, who did not wish to be named, appears to be plotting a more dramatic one-person protest, too. Sources suggest he is threatening to chain himself to the gates of Downing Street on Saturday at 12 noon, promising to stay there until the Government withdraws its nationalisation plans.
The mystery agent said, “This is a ridiculous idea. What’s next? Nationalising the Great British Bake Off? Or our national institutions like Sir David Attenborough and Dame Judi Dench?”
The public is being invited to respond to the DUPE consultation. Further details will be available on the Government’s website shortly.
If the nationalisation proposals are adopted, they could become law by 1 April 2027.
