Industry senior looks back on five decades of change – from the march of technology into branches to the growing list of regulations.
17th Dec 20251 449 2 minutes read Michael Day
You may be aware that on December 29th this year, I will complete fifty years in the residential property industry. I started when I was three!
This period has seen incredible change in the industry. The Estate Agents Act didn’t exist when I started and we have seen a huge amount of, ever more robust, legislation introduced during the period including the Housing Act that paved the way for Assured Shorthold tenancies and the growth of the private rental sector and now, of course, the forthcoming introduction of the Renters Rights Act. We saw the Tenant Fee Act in 2019, which changed the landscape on fees.
RegulationThe increases in focus on consumer protection regulation with The Property Misdescription Act 1991 (introduced 1993 and repealed in 2013), Consumer Protection Against Unfair Trading Regs 2008 (repealed 2025) and now the Digital Markets, Competition and Consumers Act 2024.
Data Protection regulation putting the consumer at the heart of everything and giving them more control over their own personal data – The Data Protection Act 1998 and now GDPR 2018
Money Laundering Regulation started in 2003, was updated in 2007, 2017 and most recently in 2022.
Of course, technology has probably been the biggest driver of change.”
The introduction of voluntary, and now mandatory, redress schemes was another huge milestone.
Of course, technology has probably been the biggest driver of change – the arrival of the internet in the 1990s saw me produce a huge research project/dissertation on its use and development as part of my MBA (I received an A+ rating). It effectively predicted the arrival of the online agent and execution only services.
Even in 2000, when, as part of the Connells Board, we were investors and drivers of the creation of Rightmove (whatever happened to that?), the vast majority of agents didn’t have their own website and were only just starting to use email.
When I first started, we didn’t have photocopiers – we used a Roneo Gestetner printing machine.”
When I first started, we didn’t have photocopiers – we used a Roneo Gestetner printing machine (which used to get covered in ink and you had to use Swarfega to clean up) – we didn’t have mobile phones, and CRM systems consisted of card indexes and filing cabinets.
Despite the rise in the use of technology and digitisation, and now with AI coming to the fore, the length of time a transaction takes has actually risen, and it now takes over 20 weeks on average to conclude a transaction – I have very clear views on the answers to this issue and sit on the Home Buying and Selling Council. The Government is currently consulting on the whole process and on the provision of material information. During my career, we saw the arrival and fairly rapid demise of Home Information Packs.
Technology businessesI have been involved and remain involved with a number of technology businesses – I was a NED and shareholder at Teclet until the sale to OnTheMarket and subsequently, Costar. I was an advisory board member at Coadjute (and remain a shareholder), and I am an advisor at Homing In, Thirdfort and Viewery.
During my career, I have always championed higher standards and been involved at a senior level in the ISVA (I was Vice President when we merged with RICS in 2000).
I was the inaugural chair of the residential faculty at RICS and a member of the general council. I have also been a member of the NAEA and ARLA for more years than I can remember, and I am closely involved in Propertymark as a speaker, trainer and advisory board member of their proptech incubator group REACH.
TagsMichael Day 17th Dec 20251 449 2 minutes read Michael Day Share Facebook X LinkedIn Share via Email
