Blanchard Consultancy – the independent construction consultant

The OFT has proposed "comprehensive look" at the estate agent market, including:

* Competition on price and quality between service providers;

* The prospects for new entry by, in particular, internet property retailers;

* The extent to which consumer interests are protected by the existing regulatory framework.

The group, which will begin the study in 2009, plans to talk to businesses, Government and consumer groups about the industry.

Estates agents across the country are facing a tough time amid the economic downturn with many selling just one property a week as the value of houses tumble.

Rightmove, the leading property website, last month revealed that up to 300 estate agents are quitting the property website every month as the slump in the UK housing market worsens.

John Fingleton, the OFT chief executive, said: "Buying or selling a home is something most people do only a few times in their life, but it is usually the biggest transaction they will make. We want to ensure that consumers are served well when buying or selling a home and are supported by an effective, competitive and innovative market.

Read more at Telegraph Online

Labels: National association of estate agents, OFT, uk mortgage market

More than 75 per cent of UK estate agents are threatening to remove properties currently listed on the UK's biggest property website, according to an online poll.

The survey, by estateagenttoday.co.uk, found that more than three quarters of estate agents will not be renewing their annual subscription to the site because its fees, which can be as high as £500 a month per estate agent, are considered too expensive.

Should the planned defection go ahead, it would leave Rightmove, which boasts around 20,000 agents and developers, a less reliable source of information for homebuyers wanting to compare properties on the market.

The company, founded by Halifax, Countrywide & Connells estate agencies in 2001, saw estate agency membership fall by 3 per cent in the first six months of this year to 11,984. Its retention rate among estate agents was down to 84 per cent in the same period, which Rightmove attributed to the large number of estate agency businesses leaving the industry.

Article continues at Times Online

Labels: Halifax, National association of estate agents, Rightmove

The Government's dithering over its position on stamp duty prompted a drop in the number of homes sold last month, according to the National Association of Estate Agents.

Sales per estate agent fell to just five on average in August, down from six the previous month and half the number of that in August last year.

Estate agents said the slump was due to buyers stalling before clinching the deal, as they held out to see what would happen with stamp duty.

More than nine out of 10 agents polled by the NAEA said government dithering had led to greater uncertainty.

Chris Brown, NAEA president, said: "August was...a month of indecision and this evidently has had a profound effect on the market, as many consumers adopted a 'wait and see' attitude while waiting for a decision from the government on stamp duty."

Reports last month that the Government was planning a temporary suspension of stamp duty on all house purchases were neither confirmed nor denied by officials.

Read more at Telegraph property news

Labels: Housing market, National association of estate agents, Stamp duty changes

THE trade body that represents hard-pressed estate agents is to create its own free advertising website, a move that threatens to torpedo the business plans of its quoted rival Rightmove.

The National Association of Estate Agents, which represents residential estate agents, is planning to launch Property Live in October and is being supported by its 10,000 members.

The new website could prove devastating to sites such as Rightmove and Findaproperty.com, which charge a monthly subscription of up to £495 to advertise houses and flats on their property portals.

Any further upgrades, such as displaying extra photos, can cost an additional £100 per property.

Article continues at Times Online

Labels: findaproperty, free house advertising, free propoerty listings, House market, National association of estate agents, property live, property prices, Rightmove