Parliament is debating a new bill that gives more protection to homebuyers and sellers by compelling estate agents to sign up to compensation schemes. The aim is to stop consumer being ripped off.
Conservative politicians claim that penalties for not joining the schemes were "too low" at £1,000 and called for stronger powers.
However estate agents that do not join the consumer protection schemes should face fines of £10,000.
Ian McCartney, trade and industry minister, defending the plan said, "Any estate agent that doesn't belong to a redress scheme will now face being fined and banned as a result.”
"Estate agents could face costly payouts and a possible loss of livelihood if they don't abide by the law and generally accept the voluntary codes of conduct in the industry."
The Consumers, Estate Agents and Redress Bill could be in force by April 2008 and will require estate agents to hold records of transaction for six years. These will have to be made available when necessary to trading standards officers.
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