OFT calls for a shake-up

Posted Feb 18, 2010

Residential estate agents came under renewed pressure today to improve customer service as the Office of Fair Trading (OFT) called for a shake-up in how homes are sold, including updating legislation to allow new entrants to the market.

Published today, the OFT’s long-awaited study into home buying and selling found that the market remains dominated by traditional estate agents with weak competition between them on price.

As property prices rise during housing booms, so too do agents’ fees, said the OFT. The study said it believes that greater focus on online services could have a dramatic impact on transaction costs.

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