Following on from reports last week, estate agents need regulation in order to address ‘significant dissatisfaction’ with the home buying process. Consumers need a greater level of transparency in both the buying and selling process, the report indicates.
The former director general of the OFT (Office of Fair Trading) Sir Bryan Carsberg claimed that buyers and sellers continued to be unaware about the experience and qualification that estate agent need.
Sit Bryan was reported as commenting: "I think that the markets for estate agencies, letting agencies and managing agencies are not working well because clients are not well informed about the qualifications of different agents and about what to expect from them in the way of service. Professionals in the industry have not been doing a good enough job in informing consumers so that they can exercise their choices effectively. I think regulation can make a difference: it can ensure that better information is provided and it can create a 'floor' in terms of standards, below which a complex, competitive market cannot slip without regulatory consequences."
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Estate agents need regulation Fri, 27 Jun 2008
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