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Estate Agents Losing Consumers Trust

Wed, 18 Nov 2009
Many homeowners across the UK have lost confidence in estate agency sector, according to new research.

An online poll carried out by finance site lovemoney.com revealed that 88 per cent of respondents used an estate agent when they last sold their home, but only 37 per cent of those believed their agent did a good job .

The survey also showed that only some people think that estate agents deliver value for money, with just 10 per cent saying they are worth their commission.

Commenting on the findings, Ed Bowsher, head of consumer finance at lovemoney.com, said: "Estate agents have traditionally been seen as a necessary, if rather expensive, evil."

"They take over the tricky parts of the sale that a seller might not be confident to tackle, such as negotiating on price and liaising with the buyer."

"But with estate agents charging commissions of up to 3 per cent, some people are turning to more direct methods to buy and sell property ."

The results come after a report by the Office of Fair trading (OFT) revealed that nearly a quarter of estate agents have broken consumer regulations, with many lying to customers about the quality of properties on their books.
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