The Office of Fair Trading (OFT) has announced that it is to carry out a comprehensive review of the estate agent industry in response to growing concerns about low customer satisfaction and regulation of online agencies.
Starting early next year, the OFT will examine all aspects of the process of buying and selling homes in the UK, including price competition, quality between service providers, the effectiveness of the regulatory framework in representing consumer interests and the ability of new entrants to gain a place in the market.
The OFT's study may also examine the relationships between estate agents and mortgage brokers, surveyors, solicitors and other professional advisors.
John Fingleton, chief executive of the OFT, said: "Buying or selling a home is something most people do only a few times in their life, but it is usually the biggest transaction they will make. "
"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."
He added that "before embarking on such an important piece of work" the group will talk to businesses, government officials and consumer groups to decide which issue to "focus on".
The investigation has been welcomed by the National Association of Estate Agents (NAEA). Chief executive Peter Bolton King said he hopes the study will back the NAEA's call for "appropriate regulation" of the UK housing market.
The news comes as estate agents across the country continue to struggle with property sales, with many selling just one property a week as house values tumble.
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Estate Agents Face OFT Investigation Wed, 10 Dec 2008
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