New Arrangements Give U.K. Home Buyers And Sellers a Better Deal

July 1, 2008

The U.K. Government is introducing extra protection for people buying and selling homes. Consumer Minister Gareth Thomas laid an order in Parliament today (1 July) requiring all residential estate agents to belong to a redress scheme by 1st October.

Gareth Thomas said:

“People who experience problems with an estate agent will soon have access to a free, easy to use ombudsman. The scheme will be transparent, independent and fair. It will speedily resolve complaints and will have the power to award compensation.”

New measures will also come into force in October 2008 that:

* give greater powers to the Office of Fair Trading to remove rogue estate agents from the market

* increase the investigatory powers of enforcement officers.

Gareth Thomas said:

“Buying or selling your home is a life changing decision. It can cause people real stress and worry. Our measures should take some of this worry away and drive out the rogues that give honest businesses a bad name.”

Peter Bolton King, Chief Executive of the National Association of Estate Agents said:

“We welcome and support the fact that every agent will have to belong to a redress scheme. This will help to create a more level playing field and to raise standards to the benefit of consumers and honest businesses. We see this as an important step - after all buying a home is one of the biggest financial and emotional decisions we ever make.”

Pula Houghton, Campaigns Policy Manager at Which? said:

“We’ve been campaigning for a compulsory complaints scheme for estate agents for the last five years, so we’re delighted that the scheme is nearing fruition. We’re looking for this to make a genuine difference to those people who suffer at the hands of shoddy estate agents.”

Estate Agents who want more information on the redress requirements should contact the OFT or visit their website http://www.oft.gov.uk.

Source: Department for Business, Enterprise and Regulatory Reform

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