19 March 2010
The Office of Fair Trading has recently announced that it plans to bring in measures that could make it easier for homeowners to sell their own properties rather than having to go through estate agents and pay extortionate fees.
For many people the cost of selling a home can run into thousands of pounds, and in the current climate this is something that most people can ill afford, particularly in cases where they have already seen the value of their property drop following the financial crisis.
The OFT has carried out a study into the buying and selling of homes, and officials from the watchdog believe that the market needs a shake up. The OFT believes that changes could be made in the way that homes are sold that could result in the homeowners getting a much better deal.
The move would also make it easier for smaller firms that want to set up online to help homeowners to sell their properties.
According to the OFT the current legislation is out of date, and has made it difficult for firms that have wanted to start operating online to help people to sell their own homes.
It believes that changing the regulations to make it easier for these firms would ultimately help both property owners that are looking to sell their homes and buyers who are looking for a good deal.
Tags: Office of Fair Trading, property owners, propertyThe proposed changes have been welcomed by some industry workers, with one buying agent stating: “The OFT is keen to encourage new businesses to challenge the traditional estate agent model and this is positive news for buyers and sellers alike. It’s saying “bring change on, let it happen” and this is fantastic news for the property market moving forward. The fact that it is recommending legislation be updated shows it is serious about the way the industry needs to be changed.”