The RICS has stated that “dual agency must not be undertaken in any circumstances” in a newly published consultation on conflicts of interest in the UK commercial property investment market.
The industry body has published the consultation in the wake of growing concern in the industry about the practice, otherwise known as ‘double-dipping’, whereby an agent acts for both the seller and buyer in the same investment deal.
In the draft professional statement, the RICS said: “The practice of dual agency within the UK commercial property investment market is not universally accepted and there are no exceptions to this general rule.
“Consequently dual agency must not be undertaken under any circumstances.”
RICS members working with non-RICS regulated firms are also be prohibited from undertaking dual agency in the UK “under any circumstances”, it added.
Andrew Challinor said that in line with the RICS thinking and guidance Challinor & Co Limited have always and will continue to offer a truly conflict free platform for our clients by only acting for commercial occupiers.