The campaign against ‘rogue’ estate agents is the backlash to an Office of Fair Trading (OFT) report, which was poorly received by many in the property industry for its failure to recommend rigorous professionalisation of the industry.
Estate agents earn an average of £2,100 per transaction or £4 billion in fees each year, another factor that does little to bolster their perception among consumers.
The Which? research revealed that only one in ten homebuyers and sellers firmly believe estate agents can be trusted. Researchers also found that estate agents regularly broke the law by giving preference to buyers who used their mortgage services or failed to pass on offers to sellers.
“This situation cannot be right,” said Michael Coogan, director general of the CML. “In an environment where everyone else involved in the transaction will be regulated – the conveyancer, the surveyor, the broker, the mortgage lender – it is ironic that the estate agent is the only professional who does not have to meet stringent, compulsory standards.”
The National Association of Estate Agents (NAEA) with the Association of Residential Lettings Agents (ARLA) has announced a training programme for lettings and residential management. RICS has also launched the RICS Manual of Estate Agency, but neither will secure consumers a regulatory right of redress.
For tips on consumer protection, go to www.which.co.uk/moveit
