House-buying industry to be investigated

Tue Dec 9, 2008 10:46am GMT
[-] Text [+]

LONDON (Reuters) - The country's consumer watchdog is to investigate the housing market, looking at traditional estate agency models and alternative ways of buying and selling homes, amid concerns about customer satisfaction.

The study, which will start early in 2009, will look at competition on price and quality between estate agents, and may include other housing services providers such as solicitors and surveyors, the Office of Fair Trading said on its website.

"We want to ensure that consumers are served well when buying or selling a home and are supported by an effective, competitive and innovative market," OFT chief executive John Fingleton said on Monday.

An OFT spokeswoman said the government-funded Consumer Direct national advice service was receiving as many complaints as ever, despite the downturn in the housing market.

The OFT's probe will also look at the prospects for new entrants, "in particular, internet property retailers, and the extent to which consumer interests are protected by the existing regulatory framework.

"The study may also cover the relationships between estate agents, and mortgage brokers, surveyors, solicitors and other professional advisors," the regulator said.

(Reporting by Dan Lalor; Editing by Rupert Winchester)

 
 
by Name by Symbol