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The consequences of price fixing

Wednesday 22 March 2017

Following on from reports earlier in the month of price fixing within the industry, NAEA Propertymark wants to remind agents of the consequences of breaking the law.

Four estate agents in Somerset have agreed to pay fines totalling over £370,000 to the CMA, after admitting illegal price-fixing, denying customers the chance of securing a better deal.

This is the second case brought by the CMA against estate agents in recent years. The previous case saw an estate agency company fined £735,000 in 2015.

“Price-fixing cheats customers, and we are committed to tackling it regardless of the size of the businesses involved. We have taken action against estate agents before, and will do so again if firms break the law” says Stephen Blake, the CMA’s Senior Director of cartel enforcement.

This is a gentle reminder to all members that the Competition Market Authority has the power to heavily fine any agents deemed to be not adhering to standard codes of practice.

Propertymark have partnered with Warwick County Council Trading Standards Service to operate as the Primary Authority for eligible members. This agreement allows members to benefit from tailored advice on a range of legislation enforced by Trading Standards.

For more information and access to free legal advice, log into the member’s area.