The OEA indicated that complaints against estate agents rose to over 8,000 during 2006, with many of the complaints surrounding fees, sales details, and administration failings.
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Commenting on the findings, Chris Hamer, head of the OEA, admitted that business practices within the industry needed to improve. He said: “The rise in the number of complaints is down to people being less ready to be satisfied with something which they perceived as poor service given the size of the financial commitment they are taking on.”
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James Cotton, mortgage specialist at London & Country, admitted that changes were taking place within estate agents’ business plans. He said: “It certainly seems that the market is moving more towards regulation. The estate agency industry is putting together codes of conduct and informal regulation and it is probably only a matter of time until some kind of regulation hits the market.”
He added: “There was an increase in the number of sales last year, with volumes up so there are likely to be more complaints as a result, but it will be a worry if this figure continues to rise.”
The OEA confirmed the full findings would be announced as part of its annual report at the end of May.
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