Estate agents face the prospect of significantly increased regulation following the publication of a much anticipated report today.
The report will sum up the findings of a year-long investigation by the Office of Fair Trading (OFT), into consumer protection, competition between estate agents, and the impact of online price comparison services. The OFT wanted to determine how well the public is served by estate agents generally.
The investigation follows a similar probe in 2004, when it was found that the public in England and Wales were broadly dissatisfied with the estate agent sector. Many reported misleading listings, or a failure of agents to properly communicate offers to sellers.
As the rules currently stand, anyone can se up an estate agency. There is no requirement for a professional qualification, or membership of any trade body. This can result in a lack of recourse for buyers or sellers unhappy with their experience.
The report is due to be published at midday today.
