AQW 19139/22-27

Ms Kellie Armstrong
Alliance Party
Strangford

Tabled Date: 02/12/2024
Answered On Date: 17/12/2024
Priority Written: No

Question:
To ask the Minister of Finance to detail any plans to introduce a regulatory framework or professional regulation for the operation of (i) property management companies; and (ii) letting agents.

Answer:

I have previously indicated that management companies must act in accordance with existing companies legislation, which falls outside the remit of my Department. However, I also recognise that shared property management also attracts my Department’s interest in substantive land law, and I have been keen to make progress in examining this issue.

I have engaged with officials to ensure the appropriate expertise in this complex policy area is secured. Resource, has been identified and a study of the issues relating to the operation of property management companies and agents will shortly commence. I will consider the outcome of that work, which I have asked to be completed by Easter, before determining the way forward.

In relation to the regulation of letting agents, this is an area that also falls outside my remit and is a matter for my colleague, the Minister for Communities.