OFT to study home-buying market
Monday, December 15, 2008
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
* 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
