18 February 2010
OFT has failed to recognise need for regulation
In response to the Office of Fair Trading (OFT) Home Buying and Selling Report, published today, chief executive of the National Association of Estate Agents (NAEA), Peter Bolton King said:
“We are very happy that the OFT’s study has shown the very high levels of consumer satisfaction with estate agents.
“However, once again the OFT has categorically failed to see that better regulation of the home buying and selling market is required. Buying a home is often the largest single transaction of a person’s life and it is disappointing that the OFT has not thought it appropriate to acknowledge that a robust and appropriate level of consumer protection is needed.
“This is in stark contrast to the views of the Department for Communities and Local Government who are proceeding with the full regulation of lettings agents. This inconsistency is very difficult to understand given that the same agents and firms often deal with both sales and lettings.
“The NAEA would like to see a greater level of regulation to ensure that professional, qualified estate agents are not confused with agents that, all too often, fail to meet the basic professional standards we would expect from our members.
“The need for consumer protection in the form of a more professional industry is the driving force behind our plans to introducing a licensing scheme for our members later this year.”
Editor Notes
Editor Notes:
About the NAEA
The National Association of Estate Agents (NAEA), the residential sales arm of the National Federation of Property Professionals (NFOPP), is the UK’s leading professional body for estate agency personnel, representing the interests of around 10,000 members who practice across all aspects of property services both in the UK and overseas. These include residential and commercial sales and lettings, property management, business transfer, auctioneering and land.
The National Association of Estate Agents is dedicated to the goal of professionalism within all aspects of property, estate agency and land. Its aim is to reassure the general public that by appointing an NAEA member to represent them they will receive in return the highest level of integrity and service in both sales and lettings, for all property matters. Each NAEA member is bound by a vigorously enforced Code of Practice and adheres to professional Rules of Conduct. Failure to do so can result in heavy financial penalties and possible expulsion from the Association.
For further information contact:
NFOPP PRESS OFFICE
Tel: 020 3128 8181 E-mail: press@nfoppmedia.com
Follow Peter Bolton King on Twitter at www.twitter.com/peterboltonking
