Charlie Flanagan

The measure will apply to property services sector licenses due to expire between 7 May and the end of August in order to help providers meet their licence renewal obligations in spite of COVID-19 restrictions.

The relevant professional indemnity insurance rules will also be amended to ensure that the obligation on licensees to have professional indemnity insurance available to them will continue to apply to the four-month extension period.

Mr Flanagan said: “Given that it is an offence to provide property services without a valid licence, I think this will be a welcome measure.

“It could have been difficult for providers to meet their licence renewal obligations during the COVID-19 restrictions, but this will assist auctioneers, estate agents, letting agents and property management agents to meet their statutory obligations, while also ensuring that requirements which protect those selling, buying, or renting property will remain effective.”

The Property Services Regulatory Authority (PSRA) currently licenses around 1,800 businesses (property services employers and independent contractors) and 4,000 employees annually. Licensing occurs throughout the year, however, for historic reasons, peak licensing renewal occurs on 5 July annually, involving the processing of approximately 3,000 licence renewal applications.