UK Letting and Estate Agents Data Protection Requirements

Some UK letting and estate agents are failing to notify the Information Commissioner's Office (ICO) that they are handling people's personal information, reports computer weekly.

But it is a legal requirement under the Data Protection Act for all organisations handling personal information to notify the ICO, the privacy watchdog said.

As property agents routinely process personal data, most would be subject to the Data Protection Act and would need to register as data controllers urgently, the ICO said.

Only 3,734 estate agents and 1,416 lettings agents appear on the public register, which represents a small proportion of the industry.

Mick Gorrill, head of enforcement at the ICO, said, "We want to work with the industry to ensure all property agents meet the legal requirement."

The ICO is to contact industry bodies to encourage members to register, but will take action against those who flout the law, he said.

"The message is very clear: notify with the ICO or face regulatory action," said Gorrill.

In the past year, the ICO has prosecuted seven organisations and individuals for failing to notify the privacy watchdog that they are processing personal information.
Those who invest in Britain’s residential property market will likely see returns that far surpass what their savings would make if invested on the stock market or by banks.

The Investment Property Database’s UK’s Residential Index found that landlords and other investors in residential real estate enjoyed returns amounting to 4.7 percent during the first six months of the year. As long as the market does not enter into another crisis, specialists predict returns of around 9.6 percent by the end of December.

This represents a major improvement compared to returns over the past two years, especially following the financial crisis, when they fell by 3.3 percent. Experts believe that while the residential property market tends to perform very robustly during times of economic recovery, even during more troubled periods, “insulated depreciation” characterizes the sector when there is overall instability in the economy.

One of the most attractive aspects of investing in residential properties—whether to sell, or to enter the buy-to-let sector—is that it is generally seen as a less volatile investment than relying on mutual funds and the stock markets. At the same time, returns are far less conservative than if one relied exclusively on guaranteed investment opportunities offered by most banks.

Capital growth in the residential property market reached 2.5 percent, with income return rising to 2.2 percent during the first six months of the year. While residential properties performed well, commercial real estate experienced even stronger growth, with capital increases of 6.2 percent.