Thursday, September 13, 2012
On the OFT's publication of new
guidance on property sales and the repeal of the Property
Misdescriptions Act, Mark Hayward, President of the National
Association of Estate Agents, said:
"We are concerned and disappointed that the Government has
pushed forth with its plan to repeal the Property Misdescriptions
Act; it is a decision we feel will lead to reduced levels of
consumer protection for homebuyers as they make what may be one of
the biggest transactions of their life.
"This legislation is key in the unregulated world of estate
agency, and there is little to be gained from its repeal. Instead,
Government is effectively giving rogue, unprofessional agents an
opportunity to mislead consumers. Many potential home buyers are
already struggling to buy a home, and it would be remiss for them
to be further penalised due to lack of protection.
"We welcome the Guidance document on compliance with Consumer
Protection Regulation, unveiled today, but we believe that the
unique and important nature of property purchase means consumers
deserve further, stronger protection; we have long advised that
both pieces of legislation could exist concurrently to the benefit
of the consumer."