Sunday, 8 April 2018

New government rules to crack down on "rogue" estate agents



All estate agents will be required to hold a professional qualification under new government rules to crack down on "rogue" operators.

 
Managing agents will also be forced to reveal the fees they receive for referrals to solicitors, surveyors and mortgage brokers.


Housing Secretary Sajid Javid also vowed to tackle "stressful" delays faced by buyers and sellers.


NAEA Propertymark, a professional body for estate agents, welcomed the plans.


According to government research, there are approximately 20,000 estate agent businesses across the country, and currently, anyone can practice as an agent.
However, it said a minority caused problems and that about a quarter of sellers said they would use a different agent if they were to sell their home again.


The government also vowed to tackle "gazumping", where a seller pulls out of a sale to take a higher offer from another buyer.


Instead buyers and sellers would be encouraged to sign lock-in agreements and face losing money if they backed out of a deal without justification.


It said delayed decisions currently contributed to more than 250,000 house sales falling through annually.


Mr Javid said: "Buying a home is one of the biggest and most important purchases someone will make in their life. But for far too long buyers and sellers have been trapped in a stressful system full of delays and uncertainty.


"So we're going to put the consumers back in the driving seat."




BBC      News.